First Watch Restaurant Group (NASDAQ:FWRG) Coverage Initiated at Stephens

Stephens assumed coverage on shares of First Watch Restaurant Group (NASDAQ:FWRG) in a report published on Thursday morning, MarketBeat Ratings reports. The firm issued an overweight rating and a $20.00 target price on the stock.

A number of other equities analysts have also recently weighed in on the company. Benchmark reissued a “buy” rating and set a $23.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, October 16th. Barclays decreased their price target on First Watch Restaurant Group from $27.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Bank of America decreased their price target on First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Stifel Nicolaus decreased their price target 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. Finally, Guggenheim decreased their price target on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday, October 4th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $22.33.

First Watch Restaurant Group Stock Performance

Shares of NASDAQ FWRG opened at $16.90 on Thursday. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of 44.47, a P/E/G ratio of 2.09 and a beta of 0.87. The company has a current ratio of 0.57, a quick ratio of 0.52 and a debt-to-equity ratio of 0.33. First Watch Restaurant Group has a 1-year low of $12.90 and a 1-year high of $25.98. The stock’s 50-day moving average is $15.63 and its 200 day moving average is $17.90.

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

Hedge Funds Weigh In On First Watch Restaurant Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Sunbelt Securities Inc. bought a new position in shares of First Watch Restaurant Group during the first quarter valued at approximately $65,000. Quent Capital LLC purchased a new stake in First Watch Restaurant Group in the first quarter worth $172,000. SG Americas Securities LLC purchased a new stake in First Watch Restaurant Group in the third quarter worth $119,000. Janus Henderson Group PLC purchased a new stake in First Watch Restaurant Group in the first quarter worth $226,000. Finally, LVW Advisors LLC purchased a new stake in First Watch Restaurant Group in the first quarter worth $227,000. Institutional investors own 96.11% of the company’s stock.

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.