Zacks Investment Research Lowers First Watch Restaurant Group (NASDAQ:FWRG) to Hold

Zacks Investment Research cut shares of First Watch Restaurant Group (NASDAQ:FWRG) from a buy rating to a hold rating in a research report report published on Tuesday, Zacks.com reports.

According to Zacks, “First Watch Restaurant Group Inc. is a daytime dining restaurant concept serving made-to-order breakfast, brunch and lunch using fresh ingredients. It offers pancakes, omelets, sandwiches and salads, alongside specialty items like the Quinoa Power Bowl(R), Avocado Toast and the Chickichanga. First Watch Restaurant Group Inc. is based in BRADENTON, Fla. “

Other analysts have also issued reports about the stock. Citigroup began coverage on shares of First Watch Restaurant Group in a report on Tuesday, October 26th. They issued a neutral rating and a $24.50 price objective for the company. Cowen began coverage on shares of First Watch Restaurant Group in a report on Tuesday, October 26th. They issued a market perform rating and a $21.50 price objective for the company. Piper Sandler began coverage on shares of First Watch Restaurant Group in a report on Tuesday, October 26th. They issued an overweight rating and a $25.00 price objective for the company. Bank of America initiated coverage on shares of First Watch Restaurant Group in a report on Tuesday, October 26th. They issued a buy rating and a $30.00 price objective for the company. Finally, Barclays lowered their target price on shares of First Watch Restaurant Group from $27.00 to $26.00 and set an overweight rating for the company in a report on Wednesday, December 15th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Buy and an average target price of $25.00.

Shares of FWRG opened at $15.53 on Tuesday. The company has a quick ratio of 0.74, a current ratio of 0.78 and a debt-to-equity ratio of 0.89. First Watch Restaurant Group has a one year low of $14.76 and a one year high of $25.46. The business has a 50-day moving average of $18.22.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings data on Monday, November 8th. The company reported $0.02 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.03. The company had revenue of $157.44 million during the quarter, compared to analysts’ expectations of $152.27 million. Sell-side analysts predict that First Watch Restaurant Group will post -0.05 EPS for the current fiscal year.

An institutional investor recently bought a new position in First Watch Restaurant Group stock. LGT Capital Partners LTD. acquired a new position in First Watch Restaurant Group Inc (NASDAQ:FWRG) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 325,470 shares of the company’s stock, valued at approximately $5,455,000. LGT Capital Partners LTD. owned about 0.55% of First Watch Restaurant Group as of its most recent SEC filing.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group Inc is a daytime dining restaurant concept serving made-to-order breakfast, brunch and lunch using fresh ingredients. It offers pancakes, omelets, sandwiches and salads, alongside specialty items like the Quinoa Power Bowl(R), Avocado Toast and the Chickichanga. First Watch Restaurant Group Inc is based in BRADENTON, Fla.

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