Brokerages Set First Watch Restaurant Group, Inc. (NASDAQ:FWRG) PT at $23.30

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) have earned an average rating of “Moderate Buy” from the ten analysts that are presently covering the firm, Marketbeat reports. Two 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 company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $23.30.

Several equities research analysts recently commented on the company. Barclays raised their target price on First Watch Restaurant Group from $18.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Stephens boosted their target price on shares of First Watch Restaurant Group from $20.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Raymond James upped their target price on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the company a “strong-buy” rating in a research note on Friday, November 8th. TD Cowen lifted their price target on shares of First Watch Restaurant Group from $18.00 to $21.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. Finally, Benchmark reissued a “buy” rating and issued a $23.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th.

First Watch Restaurant Group Price Performance

First Watch Restaurant Group stock opened at $18.48 on Friday. The firm has a fifty day moving average of $16.58 and a 200-day moving average of $16.92. First Watch Restaurant Group has a 52-week low of $12.90 and a 52-week high of $25.98. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $1.12 billion, a P/E ratio of 56.00, a PEG ratio of 5.35 and a beta of 0.85.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings results 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 during the quarter, compared to analyst estimates of $256.17 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The firm’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.09 earnings per share. As a group, analysts predict that First Watch Restaurant Group will post 0.31 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $19.76, for a total transaction of $158,080,000.00. Following the sale, the insider now owns 19,189,784 shares in the company, valued at $379,190,131.84. This represents a 29.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Watch Restaurant Group

Institutional investors have recently made changes to their positions in the stock. Rocky Mountain Advisers LLC boosted its position in First Watch Restaurant Group by 180.1% during the 3rd quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company’s stock valued at $103,000 after purchasing an additional 4,250 shares during the period. SG Americas Securities LLC acquired a new position in shares of First Watch Restaurant Group during the third quarter valued at $119,000. XTX Topco Ltd bought a new position in shares of First Watch Restaurant Group during the third quarter worth about $157,000. Quent Capital LLC increased its holdings in shares of First Watch Restaurant Group by 28.6% in the 2nd quarter. Quent Capital LLC now owns 9,000 shares of the company’s stock worth $158,000 after acquiring an additional 2,000 shares during the period. Finally, Versor Investments LP bought a new stake in First Watch Restaurant Group in the 3rd quarter valued at about $201,000. 96.11% of the stock is owned by institutional investors.

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.