First Watch Restaurant Group (NASDAQ:FWRG) PT Lowered to $20.00

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective dropped by equities research analysts at Guggenheim from $24.00 to $20.00 in a report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s target price points to a potential upside of 37.17% from the stock’s current price.

Other analysts have also issued reports about the company. TD Cowen reiterated a “hold” rating and set a $18.00 price target on shares of First Watch Restaurant Group in a report on Thursday, September 12th. Benchmark started coverage on shares of First Watch Restaurant Group in a research report on Tuesday, August 27th. They set a “buy” rating and a $23.00 price target for the company. Bank of America lowered their price objective on shares of 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 reduced their target price on shares of First Watch Restaurant Group from $22.00 to $18.00 and set a “hold” rating for the company in a research report on Tuesday, July 2nd. Finally, Barclays lowered 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 report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.63.

First Watch Restaurant Group Stock Up 1.3 %

Shares of NASDAQ:FWRG traded up $0.18 during mid-day trading on Friday, hitting $14.58. 246,605 shares of the company traded hands, compared to its average volume of 575,264. The stock has a market cap of $880.24 million, a P/E ratio of 38.37, a P/E/G ratio of 2.42 and a beta of 0.87. The stock has a 50-day moving average price of $15.89 and a two-hundred day moving average price of $18.69. First Watch Restaurant Group has a 12-month low of $13.99 and a 12-month high of $25.98. The company has a current ratio of 0.57, a quick ratio of 0.52 and a debt-to-equity ratio of 0.33.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its earnings results on Tuesday, August 6th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.02. First Watch Restaurant Group had a net margin of 2.51% and a return on equity of 4.24%. The firm had revenue of $258.60 million during the quarter, compared to analyst estimates of $257.65 million. During the same quarter in the prior year, the business posted $0.13 EPS. The business’s revenue was up 19.6% compared to the same quarter last year. On average, equities research analysts forecast 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

Several hedge funds have recently bought and sold shares of the company. Sei Investments Co. boosted its holdings in First Watch Restaurant Group by 6.5% in the 1st quarter. Sei Investments Co. now owns 29,162 shares of the company’s stock valued at $718,000 after purchasing an additional 1,783 shares during the period. 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 worth $349,000 after acquiring an additional 1,948 shares during the last quarter. Quent Capital LLC raised 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 valued at $158,000 after acquiring an additional 2,000 shares in the last quarter. Sunbelt Securities Inc. bought a new stake in shares of First Watch Restaurant Group during the 1st quarter valued at about $65,000. Finally, Vancity Investment Management Ltd grew its holdings in shares of First Watch Restaurant Group by 14.8% during the fourth quarter. Vancity Investment Management Ltd now owns 21,808 shares of the company’s stock worth $438,000 after purchasing an additional 2,808 shares in the last quarter. Hedge funds and other institutional investors 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.