First Watch Restaurant Group (NASDAQ:FWRG) Price Target Cut to $20.00 by Analysts at Guggenheim

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective lowered by equities research analysts at Guggenheim from $24.00 to $20.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s price objective suggests a potential upside of 37.17% from the company’s previous close.

A number of other equities analysts have also recently commented on the stock. Bank of America decreased their target price on shares of First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Barclays lowered 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. Benchmark began coverage on First Watch Restaurant Group in a research report on Tuesday, August 27th. They set a “buy” rating and a $23.00 price target on the stock. Stifel Nicolaus lowered their price objective on First Watch Restaurant Group from $22.00 to $18.00 and set a “hold” rating for the company in a research report on Tuesday, July 2nd. Finally, TD Cowen restated a “hold” rating and issued a $18.00 target price on shares of First Watch Restaurant Group in a report on Thursday, September 12th. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.63.

First Watch Restaurant Group Price Performance

NASDAQ FWRG traded up $0.18 during trading hours on Friday, reaching $14.58. 246,605 shares of the stock traded hands, compared to its average volume of 575,264. The stock has a 50 day simple moving average of $15.89 and a two-hundred day simple moving average of $18.69. First Watch Restaurant Group has a 1 year low of $13.99 and a 1 year high of $25.98. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.57 and a quick ratio of 0.52. The company has a market cap of $880.24 million, a price-to-earnings ratio of 38.37, a price-to-earnings-growth ratio of 2.42 and a beta of 0.87.

First Watch Restaurant Group (NASDAQ:FWRG) last released its earnings results on Tuesday, August 6th. The company reported $0.14 earnings per share for the quarter, topping 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 company had revenue of $258.60 million during the quarter, compared to the consensus estimate of $257.65 million. During the same quarter in the previous year, the company posted $0.13 EPS. First Watch Restaurant Group’s quarterly revenue was up 19.6% compared to the same quarter last year. On average, analysts predict that First Watch Restaurant Group will post 0.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake 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 in the last quarter. The Manufacturers Life Insurance Company increased its position in First Watch Restaurant Group by 14.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,408,454 shares of the company’s stock valued at $28,310,000 after buying an additional 175,074 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in First Watch Restaurant Group by 15.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,385,972 shares of the company’s stock valued at $24,338,000 after buying an additional 189,740 shares during the last quarter. Gilder Gagnon Howe & Co. LLC boosted its holdings in First Watch Restaurant Group by 9.6% in the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 1,074,612 shares of the company’s stock worth $21,600,000 after acquiring an additional 93,931 shares in the last quarter. Finally, Foxhaven Asset Management LP grew its stake in shares of First Watch Restaurant Group by 44.3% in 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 last quarter. Hedge funds and other institutional investors own 96.11% of the company’s stock.

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.