Brokerages Set First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Price Target at $22.00

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) have been given a consensus rating of “Moderate Buy” by the nine research firms that are presently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $22.00.

FWRG has been the topic of several analyst reports. Bank of America dropped their target price on First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Guggenheim dropped their price objective on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday, October 4th. Benchmark reissued a “buy” rating and issued a $23.00 target price on shares of First Watch Restaurant Group in a research note on Wednesday, October 16th. Stephens started coverage on shares of First Watch Restaurant Group in a research report on Thursday, October 17th. They set an “overweight” rating and a $20.00 price target on the stock. Finally, Barclays cut their price target on shares of First Watch Restaurant Group from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. 1832 Asset Management L.P. bought a new stake in shares of First Watch Restaurant Group during the first quarter worth approximately $3,333,000. Nicholas Investment Partners LP acquired a new position in First Watch Restaurant Group in the 2nd quarter valued at $3,391,000. Deepwater Asset Management LLC increased its position in First Watch Restaurant Group by 68.5% during the 2nd quarter. Deepwater Asset Management LLC now owns 695,649 shares of the company’s stock worth $12,216,000 after buying an additional 282,765 shares during the period. Primoris Wealth Advisors LLC bought a new stake in shares of First Watch Restaurant Group in the first quarter valued at about $1,788,000. Finally, California State Teachers Retirement System raised its stake in First Watch Restaurant Group by 15.6% in the 1st quarter. California State Teachers Retirement System now owns 31,822 shares of the company’s stock worth $783,000 after purchasing an additional 4,294 shares in the last quarter. Institutional investors and hedge funds own 96.11% of the company’s stock.

First Watch Restaurant Group Stock Performance

Shares of FWRG opened at $17.49 on Wednesday. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of 44.85, a PEG ratio of 4.70 and a beta of 0.85. First Watch Restaurant Group has a 12 month low of $12.90 and a 12 month high of $25.98. The firm has a fifty day simple moving average of $15.71 and a 200 day simple moving average of $17.42. The company has a current ratio of 0.57, a quick ratio of 0.52 and a debt-to-equity ratio of 0.33.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.12 by $0.02. The firm had revenue of $258.60 million for the quarter, compared to analysts’ expectations of $257.65 million. First Watch Restaurant Group had a net margin of 2.51% and a return on equity of 4.24%. The company’s revenue for the quarter was up 19.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.13 EPS. Research analysts forecast that First Watch Restaurant Group will post 0.33 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.