Barclays Forecasts Strong Price Appreciation for First Watch Restaurant Group (NASDAQ:FWRG) Stock

First Watch Restaurant Group (NASDAQ:FWRG) had its price target hoisted by analysts at Barclays from $18.00 to $22.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price target would suggest a potential upside of 4.41% from the company’s previous close.

Several other analysts have also commented on the company. Stephens boosted their price target on First Watch Restaurant Group from $20.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday. TD Cowen reissued a “hold” rating and set a $18.00 price target on shares of First Watch Restaurant Group in a report on Thursday, September 12th. Benchmark restated a “buy” rating and set a $23.00 price target on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Guggenheim decreased their target price on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, October 4th. Finally, Bank of America cut their price target on 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. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $23.33.

First Watch Restaurant Group Stock Performance

Shares of NASDAQ:FWRG traded up $0.24 during midday trading on Friday, hitting $21.07. The company’s stock had a trading volume of 927,416 shares, compared to its average volume of 554,420. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of 54.03, a PEG ratio of 5.09 and a beta of 0.85. The stock’s 50 day simple moving average is $15.91 and its 200 day simple moving average is $17.37. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.52 and a current ratio of 0.57. First Watch Restaurant Group has a fifty-two week low of $12.90 and a fifty-two week high of $25.98.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). First Watch Restaurant Group had a net margin of 2.51% and a return on equity of 4.24%. The company had revenue of $251.61 million during the quarter, compared to the consensus estimate of $256.17 million. During the same period last year, the company earned $0.09 earnings per share. First Watch Restaurant Group’s revenue for the quarter was up 14.8% on a year-over-year basis. As a group, research analysts anticipate that First Watch Restaurant Group will post 0.33 earnings per share for the current year.

Institutional Trading of First Watch Restaurant Group

Hedge funds have recently bought and sold shares of the stock. Rocky Mountain Advisers LLC increased its holdings in shares of First Watch Restaurant Group by 180.1% in the third quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company’s stock valued at $103,000 after purchasing an additional 4,250 shares during the last quarter. SG Americas Securities LLC bought a new position in First Watch Restaurant Group in the third quarter worth approximately $119,000. Quent Capital LLC raised its holdings in shares of First Watch Restaurant Group by 28.6% in the 2nd quarter. Quent Capital LLC now owns 9,000 shares of the company’s stock worth $158,000 after acquiring an additional 2,000 shares during the last quarter. Versor Investments LP bought a new position in First Watch Restaurant Group during the 3rd quarter valued at $201,000. Finally, Commerce Bank bought a new stake in First Watch Restaurant Group during the third quarter worth $208,000. 96.11% of the stock is currently 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.