First Watch Restaurant Group (NASDAQ:FWRG) Receives Hold Rating from TD Cowen

TD Cowen reaffirmed their hold rating on shares of First Watch Restaurant Group (NASDAQ:FWRG) in a report issued on Thursday, Benzinga reports. They currently have a $18.00 price objective on the stock.

A number of other research firms have also recently issued reports on FWRG. Stifel Nicolaus decreased their price objective on shares of 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. Benchmark assumed 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 price objective on the stock. Barclays decreased their price objective on shares of 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. Finally, Bank of America decreased their price objective on shares of First Watch Restaurant Group from $29.00 to $24.00 and set a buy rating on the stock in a research report on Wednesday, July 17th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, First Watch Restaurant Group presently has a consensus rating of Moderate Buy and an average price target of $23.00.

First Watch Restaurant Group Stock Performance

First Watch Restaurant Group stock opened at $15.00 on Thursday. The company has a quick ratio of 0.52, a current ratio of 0.57 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $905.60 million, a PE ratio of 39.47, a P/E/G ratio of 2.52 and a beta of 0.88. The firm has a fifty day simple moving average of $15.99 and a two-hundred day simple moving average of $19.68. First Watch Restaurant Group has a twelve month low of $14.05 and a twelve month high of $25.98.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.02. The business had revenue of $258.60 million during the quarter, compared to the consensus estimate 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 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 earnings per share. Research analysts expect that First Watch Restaurant Group will post 0.34 EPS for the current year.

Hedge Funds Weigh In On First Watch Restaurant Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. 1832 Asset Management L.P. purchased a new position in shares of First Watch Restaurant Group during the first quarter valued at about $3,333,000. Gilder Gagnon Howe & Co. LLC increased its position in shares of First Watch Restaurant Group by 9.6% during the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 1,074,612 shares of the company’s stock valued at $21,600,000 after buying an additional 93,931 shares during the period. Stephens Investment Management Group LLC grew its holdings in First Watch Restaurant Group by 16.5% in the fourth quarter. Stephens Investment Management Group LLC now owns 353,041 shares of the company’s stock worth $7,096,000 after purchasing an additional 50,057 shares during the period. Deepwater Asset Management LLC grew its holdings in First Watch Restaurant Group by 275.3% in the first quarter. Deepwater Asset Management LLC now owns 412,884 shares of the company’s stock worth $10,165,000 after purchasing an additional 302,878 shares during the period. Finally, Primoris Wealth Advisors LLC purchased a new stake in First Watch Restaurant Group in the first quarter worth about $1,788,000. Hedge funds and other institutional investors own 96.11% of the company’s stock.

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.