Guggenheim Cuts First Watch Restaurant Group (NASDAQ:FWRG) Price Target to $21.00

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective lowered by Guggenheim from $23.00 to $21.00 in a research note published on Wednesday morning,Benzinga reports. Guggenheim currently has a buy rating on the stock.

Several other research analysts have also recently commented on FWRG. Zacks Research upgraded shares of First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 10th. Wall Street Zen upgraded shares of First Watch Restaurant Group from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Stephens dropped their target price on First Watch Restaurant Group from $24.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday. TD Cowen decreased their price target on First Watch Restaurant Group from $21.00 to $18.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of First Watch Restaurant Group in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, First Watch Restaurant Group has an average rating of “Moderate Buy” and an average target price of $20.08.

First Watch Restaurant Group Trading Down 5.2%

FWRG opened at $12.46 on Wednesday. The business has a fifty day moving average price of $15.82 and a 200 day moving average price of $16.72. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.29 and a quick ratio of 0.21. First Watch Restaurant Group has a 12 month low of $12.16 and a 12 month high of $21.99. The stock has a market capitalization of $761.80 million, a price-to-earnings ratio of 40.19, a PEG ratio of 1.87 and a beta of 0.88.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings data on Tuesday, February 24th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.16. First Watch Restaurant Group had a return on equity of 3.20% and a net margin of 1.59%.The business had revenue of $316.35 million during the quarter, compared to analysts’ expectations of $317.49 million. During the same quarter last year, the business posted $0.01 EPS. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. Sell-side analysts expect that First Watch Restaurant Group will post 0.32 earnings per share for the current fiscal year.

Insider Activity

In other First Watch Restaurant Group news, Director William A. Kussell sold 6,165 shares of the firm’s stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $17.00, for a total transaction of $104,805.00. Following the transaction, the director owned 26,402 shares of the company’s stock, valued at approximately $448,834. This trade represents a 18.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp acquired a new position in First Watch Restaurant Group during the third quarter worth approximately $30,000. First Horizon Advisors Inc. grew its position in shares of First Watch Restaurant Group by 207.6% during the second quarter. First Horizon Advisors Inc. now owns 1,950 shares of the company’s stock worth $31,000 after acquiring an additional 1,316 shares during the last quarter. State of Wyoming acquired a new position in shares of First Watch Restaurant Group in the 4th quarter valued at $64,000. Kemnay Advisory Services Inc. purchased a new stake in First Watch Restaurant Group in the 4th quarter valued at $66,000. Finally, BNP Paribas Financial Markets boosted its stake 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 worth $70,000 after purchasing an additional 1,673 shares during the period. Hedge funds and other institutional investors own 96.11% of the company’s stock.

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.