First Watch Restaurant Group (NASDAQ:FWRG) Posts Quarterly Earnings Results, Misses Estimates By $0.02 EPS

First Watch Restaurant Group (NASDAQ:FWRG) posted its earnings results on Thursday. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02), Briefing.com reports. First Watch Restaurant Group had a return on equity of 4.24% and a net margin of 2.51%. The business had revenue of $251.61 million for the quarter, compared to analyst estimates of $256.17 million. During the same period in the previous year, the firm posted $0.09 earnings per share. The firm’s revenue was up 14.8% compared to the same quarter last year. First Watch Restaurant Group updated its FY 2024 guidance to EPS.

First Watch Restaurant Group Trading Up 1.2 %

Shares of FWRG stock opened at $21.07 on Friday. The stock has a market cap of $1.27 billion, a P/E ratio of 54.03, a price-to-earnings-growth ratio of 5.09 and a beta of 0.85. First Watch Restaurant Group has a 1 year low of $12.90 and a 1 year high of $25.98. The company has a current ratio of 0.57, a quick ratio of 0.52 and a debt-to-equity ratio of 0.33. The stock has a 50 day simple moving average of $15.91 and a 200 day simple moving average of $17.37.

Analyst Ratings Changes

A number of research firms have commented on FWRG. TD Cowen upped their price objective on shares of First Watch Restaurant Group from $18.00 to $21.00 and gave the company a “hold” rating in a report on Friday. Barclays lifted 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. Raymond James increased their price target on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the company a “strong-buy” rating in a report on Friday. Benchmark restated a “buy” rating and set a $23.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, October 16th. Finally, Stephens increased their target price on First Watch Restaurant Group from $20.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $23.33.

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.