First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Expected to Rise, TD Cowen Analyst Says

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective upped by TD Cowen from $18.00 to $21.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. TD Cowen’s price objective would indicate a potential downside of 0.33% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Bank of America decreased 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 report on Wednesday, July 17th. Benchmark reissued a “buy” rating and issued a $23.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, October 16th. Barclays upped their price objective on First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday. Guggenheim lowered their target price on 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. Finally, Stephens upped their price target on First Watch Restaurant Group from $20.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, First Watch Restaurant Group presently has an average rating of “Moderate Buy” and a consensus target price of $23.33.

First Watch Restaurant Group Stock Up 1.2 %

NASDAQ FWRG opened at $21.07 on Friday. The stock’s 50 day simple moving average is $15.91 and its 200 day simple moving average is $17.37. First Watch Restaurant Group has a one year low of $12.90 and a one year high of $25.98. The firm has a market cap of $1.27 billion, a PE ratio of 54.03, a price-to-earnings-growth ratio of 5.09 and a beta of 0.85. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.57 and a quick ratio of 0.52.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.05 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 $251.61 million during the quarter, compared to analyst estimates of $256.17 million. During the same period in the prior year, the firm posted $0.09 EPS. First Watch Restaurant Group’s revenue for the quarter was up 14.8% compared to the same quarter last year. As a group, sell-side analysts forecast that First Watch Restaurant Group will post 0.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Watch Restaurant Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mutual of America Capital Management LLC acquired a new position in shares of First Watch Restaurant Group during the 3rd quarter worth about $5,757,000. Deepwater Asset Management LLC grew its holdings in First Watch Restaurant Group by 68.5% during the second quarter. Deepwater Asset Management LLC now owns 695,649 shares of the company’s stock valued at $12,216,000 after purchasing an additional 282,765 shares during the period. The Manufacturers Life Insurance Company increased its stake in First Watch Restaurant Group by 26.5% in the second quarter. The Manufacturers Life Insurance Company now owns 1,340,819 shares of the company’s stock valued at $23,545,000 after purchasing an additional 281,056 shares in the last quarter. Vanguard Group Inc. raised its holdings in First Watch Restaurant Group by 18.8% in the first quarter. Vanguard Group Inc. now owns 1,611,452 shares of the company’s stock worth $39,674,000 after purchasing an additional 255,307 shares during the period. Finally, Nicholas Investment Partners LP bought a new position in shares of First Watch Restaurant Group during the second quarter worth $3,391,000. Institutional investors 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.