TD Cowen Cuts First Watch Restaurant Group (NASDAQ:FWRG) Price Target to $25.00

First Watch Restaurant Group (NASDAQ:FWRG) had its price target lowered by TD Cowen from $26.00 to $25.00 in a research note issued to investors on Wednesday morning, Benzinga reports. The firm currently has a hold rating on the stock.

A number of other equities analysts have also commented on FWRG. Citigroup lifted their price objective on First Watch Restaurant Group from $24.00 to $32.00 and gave the stock a buy rating in a research note on Wednesday, March 6th. Barclays reduced their price target on shares of First Watch Restaurant Group from $29.00 to $27.00 and set an overweight rating for the company in a report on Wednesday. Stifel Nicolaus increased their target price on shares of First Watch Restaurant Group from $20.00 to $22.00 and gave the company a hold rating in a research note on Wednesday, March 6th. Finally, Raymond James raised their target price on First Watch Restaurant Group from $23.00 to $25.00 and gave the stock a strong-buy rating in a research report on Thursday, January 25th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $25.50.

First Watch Restaurant Group Stock Down 2.4 %

NASDAQ FWRG traded down $0.52 during trading on Wednesday, reaching $21.33. The company’s stock had a trading volume of 87,349 shares, compared to its average volume of 508,408. The business has a 50-day moving average price of $23.87 and a 200-day moving average price of $21.26. First Watch Restaurant Group has a 1-year low of $15.67 and a 1-year high of $25.98. The stock has a market capitalization of $1.29 billion, a PE ratio of 53.29, a PEG ratio of 2.35 and a beta of 1.07. The company has a current ratio of 0.62, a quick ratio of 0.57 and a debt-to-equity ratio of 0.21.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.02. First Watch Restaurant Group had a return on equity of 4.62% and a net margin of 2.85%. The company had revenue of $242.40 million during the quarter, compared to analysts’ expectations of $245.03 million. During the same quarter in the previous year, the firm earned $0.15 earnings per share. The business’s quarterly revenue was up 14.7% compared to the same quarter last year. On average, research analysts forecast that First Watch Restaurant Group will post 0.45 earnings per share for the current fiscal year.

Insider Buying and Selling at First Watch Restaurant Group

In related news, Director Tricia Glynn sold 6,900,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $23.99, for a total value of $165,531,000.00. Following the completion of the transaction, the director now owns 27,189,784 shares in the company, valued at approximately $652,282,918.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Tricia Glynn sold 6,900,000 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $23.99, for a total value of $165,531,000.00. Following the completion of the transaction, the director now owns 27,189,784 shares of the company’s stock, valued at approximately $652,282,918.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Christopher Anthony Tomasso sold 121,995 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $24.45, for a total transaction of $2,982,777.75. Following the sale, the chief executive officer now owns 431,871 shares in the company, valued at $10,559,245.95. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,085,127 shares of company stock worth $170,038,222. 5.00% of the stock is currently owned by corporate insiders.

Institutional Trading of First Watch Restaurant Group

Several hedge funds have recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale acquired a new position in First Watch Restaurant Group in the 3rd quarter valued at $35,000. PNC Financial Services Group Inc. grew its position in First Watch Restaurant Group by 3,232.8% during the third quarter. PNC Financial Services Group Inc. now owns 2,233 shares of the company’s stock worth $39,000 after buying an additional 2,166 shares in the last quarter. Sunbelt Securities Inc. acquired a new stake in shares of First Watch Restaurant Group during the 1st quarter worth $65,000. iA Global Asset Management Inc. acquired a new position in First Watch Restaurant Group in the third quarter valued at about $95,000. Finally, C M Bidwell & Associates Ltd. bought a new stake in First Watch Restaurant Group during the third quarter worth about $119,000. 96.11% of the stock is owned by institutional investors and hedge funds.

About First Watch Restaurant Group

First Watch Restaurant Group, Inc, through its subsidiaries, operates and franchises restaurants under the First Watch trade name in the United States. The company was formerly known as AI Fresh Super Holdco, Inc and changed its name to First Watch Restaurant Group, Inc in December 2019. First Watch Restaurant Group, Inc was founded in 1983 and is based in Bradenton, Florida.