First Watch Restaurant Group (NASDAQ:FWRG) Price Target Raised to $23.00 at Piper Sandler

First Watch Restaurant Group (NASDAQ:FWRG) had its price target raised by investment analysts at Piper Sandler from $22.00 to $23.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price target indicates a potential upside of 17.65% from the company’s current price.

Other research analysts also recently issued research reports about the company. Stephens boosted their target price on First Watch Restaurant Group from $20.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Guggenheim lowered their price target on 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. TD Cowen raised their price objective on shares of 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. Barclays boosted their target price on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Finally, Bank of America dropped their price target on shares of 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. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $23.30.

First Watch Restaurant Group Price Performance

NASDAQ FWRG opened at $19.55 on Monday. 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 firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of 59.24, a price-to-earnings-growth ratio of 5.88 and a beta of 0.85. The company has a 50 day simple moving average of $16.09 and a 200-day simple moving average of $17.29. 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 released its earnings results on Thursday, November 7th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). The company had revenue of $251.61 million during the quarter, compared to analysts’ expectations of $256.17 million. First Watch Restaurant Group had a return on equity of 3.64% and a net margin of 2.09%. The firm’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.09 EPS. Equities research analysts predict that First Watch Restaurant Group will post 0.31 earnings per share for the current fiscal year.

Institutional Trading of First Watch Restaurant Group

Institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its position in First Watch Restaurant Group by 21.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 251,403 shares of the company’s stock worth $3,922,000 after purchasing an additional 45,119 shares during the period. Commerce Bank acquired a new position in shares of First Watch Restaurant Group in the 3rd quarter valued at $208,000. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of First Watch Restaurant Group during the 3rd quarter worth about $1,566,000. Mutual of America Capital Management LLC acquired a new stake in shares of First Watch Restaurant Group during the 3rd quarter valued at about $5,757,000. Finally, Versor Investments LP bought a new stake in First Watch Restaurant Group in the third quarter valued at about $201,000. Institutional investors and hedge funds 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.