First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Receives $23.30 Average PT from Brokerages

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) have earned a consensus rating of “Moderate Buy” from the ten research firms that are presently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $23.30.

Several brokerages recently issued reports on FWRG. Piper Sandler raised their price objective on First Watch Restaurant Group from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. Guggenheim lowered 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 research report on Friday, October 4th. Barclays raised their target price on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. TD Cowen upped their target price on First Watch Restaurant Group from $18.00 to $21.00 and gave the company a “hold” rating in a report on Friday, November 8th. Finally, Stephens raised their price target on First Watch Restaurant Group from $20.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, November 8th.

Insiders Place Their Bets

In other First Watch Restaurant Group news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $19.76, for a total transaction of $158,080,000.00. Following the sale, the insider now directly owns 19,189,784 shares in the company, valued at approximately $379,190,131.84. The trade was a 29.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 5.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FWRG. Rocky Mountain Advisers LLC boosted its stake in First Watch Restaurant Group by 180.1% during the 3rd quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company’s stock valued at $103,000 after purchasing an additional 4,250 shares in the last quarter. SG Americas Securities LLC bought a new position in First Watch Restaurant Group during the third quarter valued at about $119,000. XTX Topco Ltd acquired a new position in First Watch Restaurant Group during the third quarter worth about $157,000. Versor Investments LP bought a new stake in First Watch Restaurant Group in the third quarter worth about $201,000. Finally, Commerce Bank acquired a new stake in First Watch Restaurant Group in the 3rd quarter valued at about $208,000. Institutional investors and hedge funds own 96.11% of the company’s stock.

First Watch Restaurant Group Price Performance

FWRG opened at $19.28 on Thursday. The company has a market capitalization of $1.17 billion, a P/E ratio of 58.43, a PEG ratio of 5.77 and a beta of 0.89. The company has a 50-day moving average of $18.47 and a 200-day moving average of $16.90. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54. First Watch Restaurant Group has a 1-year low of $12.90 and a 1-year high of $25.98.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.03 earnings per share 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 3.61%. The firm had revenue of $251.61 million during the quarter, compared to the consensus estimate of $256.17 million. During the same period in the prior year, the firm earned $0.09 earnings per share. The firm’s quarterly revenue was up 14.8% compared to the same quarter last year. Equities analysts expect that First Watch Restaurant Group will post 0.31 EPS for the current fiscal year.

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.