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

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective lifted by Piper Sandler from $22.00 to $23.00 in a report issued on Monday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

FWRG has been the topic of several other reports. Benchmark restated a “buy” rating and issued a $23.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. 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 research note on Friday, November 8th. TD Cowen increased their target price 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. Bank of America lowered their target price 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. Finally, Guggenheim reduced their price target on shares of 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. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, First Watch Restaurant Group currently has an average rating of “Moderate Buy” and an average price target of $23.30.

First Watch Restaurant Group Price Performance

Shares of NASDAQ FWRG opened at $19.41 on Monday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51. The firm has a market capitalization of $1.18 billion, a PE ratio of 58.82, a P/E/G ratio of 5.74 and a beta of 0.85. First Watch Restaurant Group has a 1-year low of $12.90 and a 1-year high of $25.98. The business’s fifty day moving average price is $16.16 and its two-hundred day moving average price is $17.30.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The firm had revenue of $251.61 million during the quarter, compared to analyst estimates of $256.17 million. During the same period last year, the business earned $0.09 EPS. The firm’s revenue was up 14.8% on a year-over-year basis. On average, research analysts expect that First Watch Restaurant Group will post 0.31 EPS for the current year.

Institutional Investors Weigh In On First Watch Restaurant Group

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Quent Capital LLC purchased a new stake in shares of First Watch Restaurant Group during the first quarter valued at $172,000. Quantbot Technologies LP purchased a new stake in First Watch Restaurant Group during the first quarter valued at about $322,000. Swiss National Bank boosted its holdings in shares of First Watch Restaurant Group by 22.3% in the first quarter. Swiss National Bank now owns 64,600 shares of the company’s stock worth $1,590,000 after buying an additional 11,800 shares during the period. Sei Investments Co. increased its position in shares of First Watch Restaurant Group by 6.5% in the first quarter. Sei Investments Co. now owns 29,162 shares of the company’s stock worth $718,000 after acquiring an additional 1,783 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of First Watch Restaurant Group by 44.0% during the first quarter. Russell Investments Group Ltd. now owns 26,030 shares of the company’s stock valued at $641,000 after acquiring an additional 7,952 shares during the period. Institutional investors and hedge funds own 96.11% of the company’s stock.

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.