First Watch Restaurant Group (NASDAQ:FWRG) Given New $21.00 Price Target at TD Cowen

First Watch Restaurant Group (NASDAQ:FWRG) had its target price raised by analysts at TD Cowen from $18.00 to $21.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. TD Cowen’s price target indicates a potential downside of 0.33% from the company’s previous close.

A number of other brokerages have also commented on FWRG. Bank of America cut their price target on First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Raymond James boosted their target price on First Watch Restaurant Group from $22.00 to $25.00 and gave the company a “strong-buy” rating in a research note on Friday. Barclays lifted their price objective on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the company an “overweight” rating in a report on Friday. Guggenheim lowered their price target on shares of 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. Finally, Benchmark restated a “buy” rating and set a $23.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, October 16th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $23.33.

First Watch Restaurant Group Price Performance

NASDAQ FWRG opened at $21.07 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.52 and a current ratio of 0.57. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of 54.03, a PEG ratio of 5.09 and a beta of 0.85. The business has a 50 day simple moving average of $15.91 and a 200 day simple moving average of $17.37. First Watch Restaurant Group has a 52-week low of $12.90 and a 52-week high of $25.98.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.03 earnings per share (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 the consensus estimate of $256.17 million. First Watch Restaurant Group had a return on equity of 4.24% and a net margin of 2.51%. The firm’s revenue was up 14.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.09 EPS. Analysts anticipate that First Watch Restaurant Group will post 0.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Rocky Mountain Advisers LLC lifted its position in shares of First Watch Restaurant Group by 180.1% in the third quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company’s stock valued at $103,000 after buying an additional 4,250 shares during the last quarter. SG Americas Securities LLC acquired a new stake in First Watch Restaurant Group during the 3rd quarter valued at $119,000. Quent Capital LLC boosted its position in First Watch Restaurant Group by 28.6% during the second quarter. Quent Capital LLC now owns 9,000 shares of the company’s stock worth $158,000 after purchasing an additional 2,000 shares during the period. Versor Investments LP acquired a new position in shares of First Watch Restaurant Group in the third quarter valued at $201,000. Finally, Commerce Bank bought a new position in shares of First Watch Restaurant Group in the third quarter valued at about $208,000. 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.