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

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective reduced by Barclays from $21.00 to $18.00 in a research note released on Tuesday, Benzinga reports. They currently have an overweight rating on the stock.

A number of other research analysts also recently commented on FWRG. Stifel Nicolaus lowered their target price on First Watch Restaurant Group from $22.00 to $18.00 and set a “hold” rating on the stock in a research note on Tuesday, July 2nd. Benchmark reaffirmed a “buy” rating and issued a $23.00 price target on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Guggenheim reduced their price target on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, October 4th. TD Cowen reaffirmed a “hold” rating and issued a $18.00 price target on shares of First Watch Restaurant Group in a research report on Thursday, September 12th. Finally, Bank of America reduced 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 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 company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.00.

First Watch Restaurant Group Stock Performance

Shares of FWRG stock opened at $16.53 on Tuesday. First Watch Restaurant Group has a 1-year low of $12.90 and a 1-year high of $25.98. 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 $997.97 million, a price-to-earnings ratio of 43.50, a P/E/G ratio of 2.09 and a beta of 0.87. The stock’s fifty day simple moving average is $15.68 and its 200-day simple moving average is $17.77.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its earnings results on Tuesday, August 6th. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. First Watch Restaurant Group had a return on equity of 4.24% and a net margin of 2.51%. The firm had revenue of $258.60 million for the quarter, compared to the consensus estimate of $257.65 million. During the same quarter in the previous year, the company posted $0.13 earnings per share. The business’s quarterly revenue was up 19.6% compared to the same quarter last year. On average, sell-side analysts predict that First Watch Restaurant Group will post 0.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Watch Restaurant Group

Large investors have recently modified their holdings of the stock. Sunbelt Securities Inc. bought a new stake in shares of First Watch Restaurant Group in the 1st quarter valued at approximately $65,000. Quent Capital LLC bought a new stake in First Watch Restaurant Group during the 1st quarter worth approximately $172,000. SG Americas Securities LLC bought a new stake in First Watch Restaurant Group during the 3rd quarter worth approximately $119,000. Janus Henderson Group PLC bought a new stake in First Watch Restaurant Group during the 1st quarter worth approximately $226,000. Finally, LVW Advisors LLC bought a new stake in First Watch Restaurant Group during the 1st quarter worth approximately $227,000. 96.11% of the stock is currently owned by institutional investors.

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.