First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Receives $23.30 Consensus Price Target from Analysts

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRGGet Free Report) have been given a consensus recommendation of “Moderate Buy” by the ten ratings firms that are presently covering the company, MarketBeat.com reports. 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 company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $23.30.

Several research analysts have recently issued reports on FWRG shares. TD Cowen raised their price target on First Watch Restaurant Group from $18.00 to $21.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Barclays raised their target price on First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Benchmark reaffirmed a “buy” rating and issued a $23.00 price target on shares of First Watch Restaurant Group in a research note on Wednesday, October 16th. Raymond James increased their price target on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the company a “strong-buy” rating in a research report on Friday, November 8th. Finally, Piper Sandler boosted their price objective on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 11th.

Read Our Latest Analysis on First Watch Restaurant Group

First Watch Restaurant Group Stock Performance

First Watch Restaurant Group stock opened at $18.61 on Thursday. The company has a market cap of $1.13 billion, a PE ratio of 56.40, a PEG ratio of 5.77 and a beta of 0.89. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. First Watch Restaurant Group has a 1 year low of $12.90 and a 1 year high of $25.98. The company’s 50-day moving average is $18.20 and its two-hundred day moving average is $16.91.

First Watch Restaurant Group (NASDAQ:FWRGGet Free Report) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.02). First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The business had revenue of $251.61 million during the quarter, compared to analyst estimates of $256.17 million. During the same quarter in the prior year, the company earned $0.09 earnings per share. The company’s quarterly revenue was up 14.8% on a year-over-year basis. Equities analysts anticipate that First Watch Restaurant Group will post 0.31 earnings per share 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 company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $19.76, for a total value of $158,080,000.00. Following the completion of the transaction, the insider now directly owns 19,189,784 shares of the company’s stock, valued at approximately $379,190,131.84. This represents a 29.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 5.00% of the company’s stock.

Institutional Trading of First Watch Restaurant Group

Several hedge funds and other institutional investors have recently modified their holdings of the company. Jane Street Group LLC raised its holdings in shares of First Watch Restaurant Group by 1.1% in the third quarter. Jane Street Group LLC now owns 49,358 shares of the company’s stock valued at $770,000 after purchasing an additional 551 shares during the last quarter. Diversified Trust Co increased its stake in First Watch Restaurant Group by 9.8% in the 3rd quarter. Diversified Trust Co now owns 15,750 shares of the company’s stock valued at $246,000 after buying an additional 1,400 shares during the last quarter. iA Global Asset Management Inc. increased its stake in First Watch Restaurant Group by 10.9% in the 2nd quarter. iA Global Asset Management Inc. now owns 19,898 shares of the company’s stock valued at $349,000 after buying an additional 1,948 shares during the last quarter. Rocky Mountain Advisers LLC lifted 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 worth $103,000 after buying an additional 4,250 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of First Watch Restaurant Group during the 3rd quarter worth about $119,000. Institutional investors and hedge funds own 96.11% of the company’s stock.

First Watch Restaurant Group Company Profile

(Get Free Report

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.

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Analyst Recommendations for First Watch Restaurant Group (NASDAQ:FWRG)

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