First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Receives $23.30 Average Target Price from Analysts

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) has received a consensus recommendation of “Moderate Buy” from the ten ratings firms that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $23.30.

FWRG has been the subject of several research reports. Guggenheim reduced their target price on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating for the company in a research note on Friday, October 4th. Piper Sandler raised their price objective on First Watch Restaurant Group from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. TD Cowen boosted their price objective on First Watch Restaurant Group from $18.00 to $21.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Stephens raised their target price on First Watch Restaurant Group from $20.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Finally, Raymond James boosted their price target on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the company a “strong-buy” rating in a report on Friday, November 8th.

First Watch Restaurant Group Stock Up 2.0 %

Shares of FWRG stock opened at $18.61 on Thursday. First Watch Restaurant Group has a 12 month low of $12.90 and a 12 month high of $25.98. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. The firm has a market cap of $1.13 billion, a PE ratio of 56.40, a price-to-earnings-growth ratio of 5.77 and a beta of 0.89. The stock has a 50 day moving average of $18.20 and a 200-day moving average of $16.91.

First Watch Restaurant Group (NASDAQ:FWRG) last released its earnings results on Thursday, November 7th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.02). The company had revenue of $251.61 million for the quarter, compared to analyst estimates of $256.17 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. First Watch Restaurant Group’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.09 earnings per share. On average, equities analysts predict that First Watch Restaurant Group will post 0.31 EPS for the current year.

Insider Buying and Selling

In other First Watch Restaurant Group news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of First Watch Restaurant Group stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $19.76, for a total value of $158,080,000.00. Following the completion of the transaction, the insider now owns 19,189,784 shares in the company, valued at approximately $379,190,131.84. The trade was a 29.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.00% of the stock is currently owned by corporate insiders.

Institutional Trading of First Watch Restaurant Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Mutual of America Capital Management LLC bought a new stake in First Watch Restaurant Group during the 3rd quarter worth about $5,757,000. ArrowMark Colorado Holdings LLC bought a new stake in shares of First Watch Restaurant Group during the third quarter valued at approximately $5,120,000. Point72 Asset Management L.P. acquired a new stake in shares of First Watch Restaurant Group in the third quarter valued at approximately $4,719,000. Deepwater Asset Management LLC raised its position in First Watch Restaurant Group by 68.5% in the 2nd quarter. Deepwater Asset Management LLC now owns 695,649 shares of the company’s stock worth $12,216,000 after purchasing an additional 282,765 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in First Watch Restaurant Group by 26.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,340,819 shares of the company’s stock worth $23,545,000 after purchasing an additional 281,056 shares during the last quarter. 96.11% of the stock is currently owned by institutional investors and hedge funds.

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.