First Watch Restaurant Group (NASDAQ:FWRG) Given “Buy” Rating at Benchmark

Benchmark restated their buy rating on shares of First Watch Restaurant Group (NASDAQ:FWRG) in a report issued on Wednesday, Benzinga reports. Benchmark currently has a $23.00 price target on the stock.

Other research analysts have also recently issued research reports about the stock. Bank of America decreased their price target on shares of First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Barclays reduced their price objective on First Watch Restaurant Group from $27.00 to $21.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Stifel Nicolaus dropped their target price on First Watch Restaurant Group from $22.00 to $18.00 and set a “hold” rating on the stock in a research report on Tuesday, July 2nd. Guggenheim reduced their price target on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, October 4th. Finally, 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. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $22.63.

First Watch Restaurant Group Price Performance

Shares of FWRG stock opened at $14.97 on Wednesday. The stock has a market capitalization of $903.78 million, a price-to-earnings ratio of 39.39, a P/E/G ratio of 2.09 and a beta of 0.87. 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 has a twelve month low of $12.90 and a twelve month high of $25.98. The stock has a fifty day simple moving average of $15.62 and a two-hundred day simple moving average of $18.01.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its earnings results on Tuesday, August 6th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.02. The company 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 firm’s quarterly revenue was up 19.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.13 EPS. On average, analysts predict that First Watch Restaurant Group will post 0.34 EPS for the current fiscal year.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of hedge funds have recently bought and sold shares of FWRG. 1832 Asset Management L.P. acquired a new position in First Watch Restaurant Group during the first quarter worth $3,333,000. Deepwater Asset Management LLC increased its stake 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 in the last quarter. Nicholas Investment Partners LP acquired a new position in shares of First Watch Restaurant Group during the second quarter valued at approximately $3,391,000. Primoris Wealth Advisors LLC purchased a new position in shares of First Watch Restaurant Group in the first quarter valued at approximately $1,788,000. Finally, California State Teachers Retirement System increased its position in shares of First Watch Restaurant Group by 15.6% during the first 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. Hedge funds and other institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Company Profile

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.