First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Receives $23.00 Average PT from Brokerages

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) have earned a consensus recommendation of “Moderate Buy” from the seven brokerages that are currently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $23.00.

Several research firms have recently issued reports on FWRG. Benchmark started coverage on shares of First Watch Restaurant Group in a report on Tuesday, August 27th. They issued a “buy” rating and a $23.00 price objective for the company. Bank of America lowered their price target on First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Stifel Nicolaus cut their price objective on First Watch Restaurant Group from $22.00 to $18.00 and set a “hold” rating for the company in a report on Tuesday, July 2nd. TD Cowen reaffirmed a “hold” rating and set a $18.00 target price on shares of First Watch Restaurant Group in a research note on Thursday, September 12th. Finally, Barclays dropped their price target on shares of First Watch Restaurant Group from $27.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th.

First Watch Restaurant Group Trading Up 2.1 %

NASDAQ:FWRG opened at $15.34 on Tuesday. The stock has a market cap of $926.12 million, a price-to-earnings ratio of 40.37, a PEG ratio of 2.35 and a beta of 0.88. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.52 and a current ratio of 0.57. First Watch Restaurant Group has a 1 year low of $14.05 and a 1 year high of $25.98. The business has a fifty day moving average of $15.95 and a 200-day moving average of $19.46.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.02. The business had revenue of $258.60 million during the quarter, compared to the consensus estimate of $257.65 million. First Watch Restaurant Group had a net margin of 2.51% and a return on equity of 4.24%. The company’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.13 earnings per share. Equities analysts predict that First Watch Restaurant Group will post 0.34 earnings per share for the current year.

Hedge Funds Weigh In On First Watch Restaurant Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. lifted its stake in First Watch Restaurant Group by 50.0% during the fourth quarter. Victory Capital Management Inc. now owns 19,567 shares of the company’s stock valued at $393,000 after buying an additional 6,524 shares in the last quarter. Versor Investments LP purchased a new stake in shares of First Watch Restaurant Group in the 4th quarter valued at approximately $259,000. Brown Advisory Inc. boosted its stake in First Watch Restaurant Group by 0.4% in the 4th quarter. Brown Advisory Inc. now owns 1,478,407 shares of the company’s stock worth $29,716,000 after purchasing an additional 6,494 shares during the period. The Manufacturers Life Insurance Company grew its position in First Watch Restaurant Group by 14.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,408,454 shares of the company’s stock worth $28,310,000 after purchasing an additional 175,074 shares in the last quarter. Finally, Premier Fund Managers Ltd acquired a new stake in First Watch Restaurant Group during the 4th quarter valued at $273,000. 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.