TD Cowen Cuts First Watch Restaurant Group (NASDAQ:FWRG) Price Target to $18.00

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective reduced by investment analysts at TD Cowen from $21.00 to $18.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s target price points to a potential upside of 36.53% from the stock’s previous close.

A number of other analysts also recently commented on the company. Barclays dropped their price objective on First Watch Restaurant Group from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Wednesday, January 7th. Weiss Ratings restated a “hold (c-)” rating on shares of First Watch Restaurant Group in a research note on Monday, December 29th. Wall Street Zen upgraded First Watch Restaurant Group from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Zacks Research upgraded First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, First Watch Restaurant Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.64.

First Watch Restaurant Group Trading Down 14.9%

NASDAQ FWRG traded down $2.32 during trading hours on Tuesday, hitting $13.18. 3,710,548 shares of the company’s stock were exchanged, compared to its average volume of 1,406,301. The business’s 50 day moving average is $16.14 and its 200-day moving average is $16.85. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.21 and a current ratio of 0.25. First Watch Restaurant Group has a 12-month low of $12.90 and a 12-month high of $21.99. The firm has a market capitalization of $804.62 million, a P/E ratio of 166.90, a price-to-earnings-growth ratio of 2.90 and a beta of 0.88.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings data on Tuesday, February 24th. The company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.16. First Watch Restaurant Group had a net margin of 0.42% and a return on equity of 0.83%. The company had revenue of $316.35 million during the quarter, compared to the consensus estimate of $317.49 million. During the same quarter in the prior year, the company posted $0.01 EPS. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. As a group, analysts anticipate that First Watch Restaurant Group will post 0.32 EPS for the current fiscal year.

Insider Activity

In related news, Director William A. Kussell sold 6,165 shares of First Watch Restaurant Group stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $17.00, for a total value of $104,805.00. Following the completion of the sale, the director owned 26,402 shares in the company, valued at approximately $448,834. The trade was a 18.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 6.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of hedge funds and other institutional investors have recently bought and sold shares of FWRG. Jones Financial Companies Lllp acquired a new position in First Watch Restaurant Group in the 3rd quarter valued at approximately $30,000. First Horizon Advisors Inc. raised its position in First Watch Restaurant Group by 207.6% in the second quarter. First Horizon Advisors Inc. now owns 1,950 shares of the company’s stock worth $31,000 after purchasing an additional 1,316 shares in the last quarter. State of Wyoming acquired a new position in First Watch Restaurant Group in the fourth quarter valued at about $64,000. Kemnay Advisory Services Inc. acquired a new stake in First Watch Restaurant Group in the 4th quarter valued at about $66,000. Finally, BNP Paribas Financial Markets lifted its position in First Watch Restaurant Group by 61.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company’s stock valued at $70,000 after purchasing an additional 1,673 shares during the period. 96.11% of the stock is currently owned by institutional investors and hedge funds.

First Watch Restaurant Group News Roundup

Here are the key news stories impacting First Watch Restaurant Group this week:

• Positive Sentiment: Q4 EPS materially beat expectations — First Watch reported $0.24 EPS vs. a $0.08 consensus and $0.01 a year ago; quarterly revenue rose ~20.2% year-over-year to $316.35M, showing solid top-line growth. First Watch Restaurant Group, Inc. (FWRG) Tops Q4 Earnings and Revenue Estimates
• Neutral Sentiment: Company issued a 2026 outlook in its regulatory release; headline revenue guidance points toward roughly $1.4B but the published guidance text in feeds is unclear — investors will look to management commentary on margins, comps and unit growth for clarity. UPDATE – First Watch Restaurant Group, Inc. Reports 2025 Financial Results and Provides Outlook for 2026
• Negative Sentiment: Chief Financial Officer Mel Hope announced he will retire later this year; while the company expects a planned transition, CFO departures can raise short-term uncertainty about financial execution and guidance credibility. First Watch Restaurant Group, Inc. Announces Retirement of Chief Financial Officer Mel Hope and Transition Plan
• Negative Sentiment: Revenue slightly missed the consensus ($316.35M vs. $317.49M) and margins remain thin (net margin ~0.4%); combined with a high P/E and tight liquidity ratios, valuation and profitability concerns may pressure the stock despite the EPS beat. First Watch earnings and supplemental materials

About First Watch Restaurant Group

First Watch Restaurant Group, Inc (NASDAQ: FWRG) operates a specialty daytime dining concept focused on breakfast, brunch and lunch. The company’s casual, full-service cafés emphasize fresh ingredients, made-to-order entrées and a seasonally driven menu that ranges from omelets and Benedicts to salads, skillets and afternoon sandwiches. First Watch positions itself as a daytime-only destination, with most locations opening early morning and closing by mid-afternoon.

Founded in 1983 by Ken Pendery and John Sullivan in Pacific Grove, California, First Watch began as a single café and gradually expanded through company-owned and select franchised locations.