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

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) has been given a consensus recommendation of “Moderate Buy” by the seven brokerages that are presently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price target 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 company. Bank of America decreased their price target on First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. TD Cowen reissued a “hold” rating and issued a $18.00 price target on shares of First Watch Restaurant Group in a research note on Thursday. Stifel Nicolaus decreased their price target on First Watch Restaurant Group from $22.00 to $18.00 and set a “hold” rating for the company in a research note on Tuesday, July 2nd. Benchmark started coverage on First Watch Restaurant Group in a research note on Tuesday, August 27th. They issued a “buy” rating and a $23.00 price target for the company. Finally, Barclays decreased their target price 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.

First Watch Restaurant Group Price Performance

First Watch Restaurant Group stock opened at $15.02 on Tuesday. The company has a current ratio of 0.57, a quick ratio of 0.52 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $907.51 million, a PE ratio of 39.53, a P/E/G ratio of 2.35 and a beta of 0.88. First Watch Restaurant Group has a 12 month low of $14.05 and a 12 month high of $25.98. The stock has a 50-day moving average price of $15.97 and a two-hundred day moving average price of $19.57.

First Watch Restaurant Group (NASDAQ:FWRG) last posted 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 firm had revenue of $258.60 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 19.6% on a year-over-year basis. During the same period last year, the company earned $0.13 earnings per share. Analysts expect that First Watch Restaurant Group will post 0.34 EPS for the current year.

Institutional Trading of First Watch Restaurant Group

A number of hedge funds have recently bought and sold shares of FWRG. WCM Investment Management LLC bought a new stake in First Watch Restaurant Group during the first quarter worth $16,030,000. Foxhaven Asset Management LP lifted its holdings in First Watch Restaurant Group by 44.3% during the fourth quarter. Foxhaven Asset Management LP now owns 1,046,362 shares of the company’s stock worth $21,032,000 after acquiring an additional 321,375 shares during the period. Deepwater Asset Management LLC lifted its holdings in First Watch Restaurant Group by 275.3% during the first quarter. Deepwater Asset Management LLC now owns 412,884 shares of the company’s stock worth $10,165,000 after acquiring an additional 302,878 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in First Watch Restaurant Group by 26.5% during the second 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. Finally, Vanguard Group Inc. lifted its holdings in First Watch Restaurant Group by 18.8% during the first quarter. Vanguard Group Inc. now owns 1,611,452 shares of the company’s stock worth $39,674,000 after acquiring an additional 255,307 shares during the period. 96.11% of the stock is currently owned by institutional investors.

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.