First Watch Restaurant Group (NASDAQ:FWRG) Coverage Initiated at Stephens

Stephens began coverage on shares of First Watch Restaurant Group (NASDAQ:FWRG) in a research note released on Thursday, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $20.00 price objective on the stock.

Several other equities research analysts have also issued reports on the company. Stifel Nicolaus decreased their target price on 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. Bank of America decreased their target price on First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Benchmark reaffirmed a “buy” rating and set a $23.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Barclays decreased their target price on First Watch Restaurant Group from $27.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Finally, TD Cowen reiterated a “hold” rating and set a $18.00 price target on shares of First Watch Restaurant Group in a research note on Thursday, September 12th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $22.33.

First Watch Restaurant Group Trading Up 2.2 %

NASDAQ FWRG opened at $16.90 on Thursday. The firm has a market capitalization of $1.02 billion, a P/E ratio of 44.47, a PEG ratio of 2.09 and a beta of 0.87. The business has a fifty day simple moving average of $15.63 and a 200 day simple moving average of $17.90. First Watch Restaurant Group has a 12 month low of $12.90 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 released its quarterly earnings results on Tuesday, August 6th. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. First Watch Restaurant Group had a return on equity of 4.24% and a net margin of 2.51%. The business had revenue of $258.60 million during the quarter, compared to analyst estimates of $257.65 million. During the same period in the prior year, the firm posted $0.13 EPS. First Watch Restaurant Group’s quarterly revenue was up 19.6% compared to the same quarter last year. On average, analysts predict that First Watch Restaurant Group will post 0.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in FWRG. Wellington Management Group LLP boosted its stake in First Watch Restaurant Group by 5.8% in the 4th quarter. Wellington Management Group LLP now owns 401,062 shares of the company’s stock worth $8,061,000 after purchasing an additional 22,024 shares during the period. Sunbelt Securities Inc. bought a new stake in shares of First Watch Restaurant Group during the 1st quarter valued at about $65,000. LVW Advisors LLC bought a new stake in shares of First Watch Restaurant Group during the 1st quarter valued at about $227,000. Deepwater Asset Management LLC boosted its position in shares of First Watch Restaurant Group by 275.3% during the 1st quarter. Deepwater Asset Management LLC now owns 412,884 shares of the company’s stock valued at $10,165,000 after acquiring an additional 302,878 shares during the last quarter. Finally, Capstone Investment Advisors LLC bought a new stake in shares of First Watch Restaurant Group during the 1st quarter valued at about $926,000. 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.