Raymond James Increases First Watch Restaurant Group (NASDAQ:FWRG) Price Target to $25.00

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective increased by Raymond James from $22.00 to $25.00 in a report released on Friday morning,Benzinga reports. They currently have a strong-buy rating on the stock.

A number of other brokerages also recently issued reports on FWRG. Stephens upped their price objective on First Watch Restaurant Group from $20.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday. Benchmark restated a “buy” rating and issued a $23.00 target price on shares of First Watch Restaurant Group in a research note on Wednesday, October 16th. Barclays increased their price target on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday. TD Cowen reiterated a “hold” rating and issued a $18.00 price target on shares of First Watch Restaurant Group in a report on Thursday, September 12th. Finally, Bank of America lowered their price objective 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. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.30.

First Watch Restaurant Group Stock Performance

Shares of First Watch Restaurant Group stock opened at $21.42 on Friday. 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 has a 1-year low of $12.90 and a 1-year high of $25.98. The company has a market cap of $1.29 billion, a PE ratio of 64.91, a price-to-earnings-growth ratio of 5.88 and a beta of 0.85. The company has a 50 day moving average of $16.01 and a 200-day moving average of $17.32.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $251.61 million during the quarter, compared to analyst estimates of $256.17 million. During the same quarter in the previous year, the company earned $0.09 earnings per share. The business’s revenue for the quarter was up 14.8% on a year-over-year basis. As a group, equities research analysts forecast that First Watch Restaurant Group will post 0.31 earnings per share for the current fiscal year.

Institutional Trading of First Watch Restaurant Group

Hedge funds have recently added to or reduced their stakes in the business. 1832 Asset Management L.P. purchased a new stake in First Watch Restaurant Group during the first quarter worth approximately $3,333,000. Nicholas Investment Partners LP acquired a new stake in First Watch Restaurant Group in the 2nd quarter valued at $3,391,000. Deepwater Asset Management LLC raised its position in 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 valued at $12,216,000 after purchasing an additional 282,765 shares during the period. Primoris Wealth Advisors LLC purchased a new stake in shares of First Watch Restaurant Group in the first quarter worth about $1,788,000. Finally, California State Teachers Retirement System grew its stake in shares of First Watch Restaurant Group by 15.6% in the first quarter. California State Teachers Retirement System now owns 31,822 shares of the company’s stock valued at $783,000 after buying an additional 4,294 shares in the last quarter. 96.11% of the stock is owned by institutional investors and hedge funds.

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.