Barclays Raises First Watch Restaurant Group (NASDAQ:FWRG) Price Target to $22.00

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective raised by Barclays from $18.00 to $22.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other equities analysts have also recently issued research reports about the company. Benchmark reissued a “buy” rating and issued a $23.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, October 16th. Bank of America lowered their price objective 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. Stephens lifted their target price on shares of First Watch Restaurant Group from $20.00 to $25.00 and gave the company an “overweight” rating in a report on Friday. TD Cowen restated a “hold” rating and set a $18.00 price target on shares of First Watch Restaurant Group in a research report on Thursday, September 12th. Finally, Guggenheim cut their price objective on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating for the company in a report on Friday, October 4th. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, First Watch Restaurant Group currently has a consensus rating of “Moderate Buy” and an average price target of $23.30.

First Watch Restaurant Group Price Performance

Shares of NASDAQ FWRG opened at $21.42 on Friday. First Watch Restaurant Group has a 52 week low of $12.90 and a 52 week high of $25.98. The business’s 50 day moving average price is $16.01 and its 200 day moving average price is $17.32. The company has a quick ratio of 0.52, a current ratio of 0.57 and a debt-to-equity ratio of 0.33. The firm has a market cap of $1.29 billion, a P/E ratio of 64.91, a P/E/G ratio of 5.88 and a beta of 0.85.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.02). First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.64%. The business had revenue of $251.61 million during the quarter, compared to analysts’ expectations of $256.17 million. During the same period last year, the company earned $0.09 earnings per share. The firm’s revenue was up 14.8% on a year-over-year basis. On average, sell-side analysts expect that First Watch Restaurant Group will post 0.31 earnings per share for the current year.

Institutional Trading of First Watch Restaurant Group

A number of institutional investors and hedge funds have recently modified their holdings of FWRG. Mutual of America Capital Management LLC acquired a new stake in First Watch Restaurant Group in the 3rd quarter worth about $5,757,000. Deepwater Asset Management LLC boosted its stake in shares of First Watch Restaurant Group by 68.5% in the second quarter. Deepwater Asset Management LLC now owns 695,649 shares of the company’s stock worth $12,216,000 after acquiring an additional 282,765 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of First Watch Restaurant Group by 26.5% during the second quarter. The Manufacturers Life Insurance Company now owns 1,340,819 shares of the company’s stock worth $23,545,000 after purchasing an additional 281,056 shares in the last quarter. Vanguard Group Inc. increased its position in shares of First Watch Restaurant Group by 18.8% during 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 in the last quarter. Finally, Nicholas Investment Partners LP purchased a new position in First Watch Restaurant Group in the 2nd quarter valued at $3,391,000. Hedge funds and other 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.