First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Expected to Rise, Bank of America Analyst Says

First Watch Restaurant Group (NASDAQ:FWRG) had its target price hoisted by equities research analysts at Bank of America from $27.00 to $28.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 70.52% from the stock’s current price.

FWRG has been the subject of several other research reports. TD Securities reaffirmed a “hold” rating and issued a $21.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday. Stephens reiterated an “overweight” rating and issued a $25.00 price target on shares of First Watch Restaurant Group in a research report on Tuesday. Three 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 stock. Based on data from MarketBeat, First Watch Restaurant Group presently has an average rating of “Moderate Buy” and an average price target of $22.36.

First Watch Restaurant Group Stock Performance

Shares of FWRG opened at $16.42 on Wednesday. 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 $994.56 million, a price-to-earnings ratio of 49.76, a price-to-earnings-growth ratio of 3.38 and a beta of 0.90. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54. The firm has a fifty day moving average of $19.89 and a 200-day moving average of $18.13.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings results on Tuesday, March 11th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.01). The firm had revenue of $263.30 million for the quarter, compared to analyst estimates of $262.82 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The business’s revenue was up 7.6% compared to the same quarter last year. During the same period last year, the firm posted $0.04 EPS. As a group, equities analysts anticipate that First Watch Restaurant Group will post 0.32 earnings per share for the current year.

Institutional Trading of First Watch Restaurant Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in First Watch Restaurant Group during the 4th quarter worth about $377,000. Squarepoint Ops LLC raised its holdings in First Watch Restaurant Group by 42.8% during the 4th quarter. Squarepoint Ops LLC now owns 243,101 shares of the company’s stock worth $4,524,000 after buying an additional 72,829 shares during the period. Two Sigma Advisers LP acquired a new stake in First Watch Restaurant Group during the 4th quarter worth about $947,000. Two Sigma Investments LP raised its holdings in First Watch Restaurant Group by 159.3% during the 4th quarter. Two Sigma Investments LP now owns 211,865 shares of the company’s stock worth $3,943,000 after buying an additional 130,169 shares during the period. Finally, State of Wyoming raised its holdings in First Watch Restaurant Group by 212.6% during the 4th quarter. State of Wyoming now owns 3,214 shares of the company’s stock worth $60,000 after buying an additional 2,186 shares during the period. Institutional investors and hedge funds 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.