First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Receives $23.00 Average PT from Analysts

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) have been given a consensus rating of “Moderate Buy” by the seven ratings firms that are currently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $23.00.

Several equities research analysts have recently weighed in on the stock. Benchmark initiated coverage on shares of First Watch Restaurant Group in a research report on Tuesday, August 27th. They issued a “buy” rating and a $23.00 target price for the company. Stifel Nicolaus lowered their price objective on First Watch Restaurant Group from $22.00 to $18.00 and set a “hold” rating for the company in a report on Tuesday, July 2nd. TD Cowen restated a “hold” rating and set a $18.00 price objective on shares of First Watch Restaurant Group in a research note on Thursday, September 12th. Bank of America decreased their target price on First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Finally, Barclays dropped their price target on First Watch Restaurant Group from $27.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th.

Institutional Trading of First Watch Restaurant Group

Several hedge funds have recently made changes to their positions in the stock. Susquehanna Fundamental Investments LLC acquired a new stake in First Watch Restaurant Group in the second quarter worth $281,000. The Manufacturers Life Insurance Company increased its holdings in shares of First Watch Restaurant Group by 26.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,340,819 shares of the company’s stock worth $23,545,000 after acquiring an additional 281,056 shares during the period. Armistice Capital LLC bought a new stake in First Watch Restaurant Group in the 2nd quarter valued at about $3,249,000. Squarepoint Ops LLC boosted its stake in First Watch Restaurant Group by 98.7% during the 2nd quarter. Squarepoint Ops LLC now owns 39,460 shares of the company’s stock valued at $693,000 after purchasing an additional 19,598 shares during the period. Finally, Deepwater Asset Management LLC grew its position in First Watch Restaurant Group by 68.5% in the 2nd quarter. Deepwater Asset Management LLC now owns 695,649 shares of the company’s stock worth $12,216,000 after purchasing an additional 282,765 shares during the last quarter. Institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Trading Up 2.1 %

Shares of FWRG opened at $15.34 on Tuesday. First Watch Restaurant Group has a one year low of $14.05 and a one year high of $25.98. The stock has a 50-day moving average price of $15.95 and a 200 day moving average price of $19.46. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.52 and a current ratio of 0.57. The company has a market capitalization of $926.12 million, a P/E ratio of 40.37, a P/E/G ratio of 2.35 and a beta of 0.88.

First Watch Restaurant Group (NASDAQ:FWRG) last released its earnings results on Tuesday, August 6th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.12 by $0.02. The company had revenue of $258.60 million during the quarter, compared to analysts’ expectations of $257.65 million. First Watch Restaurant Group had a return on equity of 4.24% and a net margin of 2.51%. The business’s revenue was up 19.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.13 EPS. Sell-side analysts forecast that First Watch Restaurant Group will post 0.34 EPS for the current fiscal year.

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.