First Watch Restaurant Group (NASDAQ:FWRG) Given New $20.00 Price Target at Guggenheim

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective cut by Guggenheim from $24.00 to $20.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

FWRG has been the subject of several other reports. Bank of America reduced their target price 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. Stifel Nicolaus lowered their target price on shares of First Watch Restaurant Group from $22.00 to $18.00 and set a hold rating on the stock in a research note on Tuesday, July 2nd. Barclays cut their price target on shares of First Watch Restaurant Group from $27.00 to $21.00 and set an overweight rating for the company in a research note on Wednesday, August 7th. TD Cowen reaffirmed a hold rating and set a $18.00 price objective on shares of First Watch Restaurant Group in a report on Thursday, September 12th. Finally, Benchmark initiated coverage on First Watch Restaurant Group in a research note on Tuesday, August 27th. They issued a buy rating and a $23.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, First Watch Restaurant Group has a consensus rating of Moderate Buy and a consensus target price of $22.63.

First Watch Restaurant Group Price Performance

Shares of NASDAQ FWRG opened at $13.72 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.52 and a current ratio of 0.57. First Watch Restaurant Group has a fifty-two week low of $13.63 and a fifty-two week high of $25.98. The stock has a market cap of $828.32 million, a PE ratio of 36.11, a price-to-earnings-growth ratio of 2.42 and a beta of 0.87. The stock has a fifty day moving average of $15.84 and a 200-day moving average of $18.47.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. First Watch Restaurant Group had a net margin of 2.51% and a return on equity of 4.24%. The firm had revenue of $258.60 million for the quarter, compared to the consensus estimate of $257.65 million. During the same period in the prior year, the firm posted $0.13 earnings per share. The company’s revenue for the quarter was up 19.6% on a year-over-year basis. Equities research analysts anticipate that First Watch Restaurant Group will post 0.34 earnings per share for the current year.

Institutional Investors Weigh In On First Watch Restaurant Group

Several institutional investors have recently added to or reduced their stakes in the company. Diversified Trust Co raised its holdings in shares of First Watch Restaurant Group by 9.8% during the third quarter. Diversified Trust Co now owns 15,750 shares of the company’s stock valued at $246,000 after acquiring an additional 1,400 shares in the last quarter. Quent Capital LLC increased its position in First Watch Restaurant Group by 177.8% during the 3rd quarter. Quent Capital LLC now owns 25,000 shares of the company’s stock valued at $390,000 after purchasing an additional 16,000 shares during the period. SG Americas Securities LLC bought a new position in First Watch Restaurant Group in the 3rd quarter worth $119,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of First Watch Restaurant Group in the 2nd quarter worth about $281,000. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of First Watch Restaurant Group by 26.5% during the 2nd 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. 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.