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

First Watch Restaurant Group (NASDAQ:FWRG) had its target price lowered by Guggenheim from $24.00 to $20.00 in a research report sent to investors on Friday, Benzinga reports. Guggenheim currently has a buy rating on the stock.

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

First Watch Restaurant Group Stock Performance

Shares of FWRG stock traded up $0.11 during trading hours on Friday, reaching $14.51. The stock had a trading volume of 1,086,351 shares, compared to its average volume of 579,638. The firm has a market capitalization of $876.01 million, a PE ratio of 38.18, a price-to-earnings-growth ratio of 2.42 and a beta of 0.87. The firm has a 50-day simple moving average of $15.87 and a 200-day simple moving average of $18.63. First Watch Restaurant Group has a twelve month low of $13.99 and a twelve month 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.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.02. The company had revenue of $258.60 million during 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%. The company’s revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.13 earnings per share. As a group, equities analysts forecast that First Watch Restaurant Group will post 0.34 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. 1832 Asset Management L.P. bought a new stake in shares of First Watch Restaurant Group during the first quarter worth approximately $3,333,000. Gilder Gagnon Howe & Co. LLC raised its position in shares of First Watch Restaurant Group by 9.6% during the 4th quarter. Gilder Gagnon Howe & Co. LLC now owns 1,074,612 shares of the company’s stock valued at $21,600,000 after acquiring an additional 93,931 shares during the last quarter. Deepwater Asset Management LLC lifted its stake in shares of 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 valued at $12,216,000 after purchasing an additional 282,765 shares during the period. Nicholas Investment Partners LP bought a new position in shares of First Watch Restaurant Group in the 2nd quarter worth $3,391,000. Finally, Primoris Wealth Advisors LLC acquired a new stake in shares of First Watch Restaurant Group during the first quarter worth $1,788,000. 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.