First Watch Restaurant Group (NASDAQ:FWRG) Announces Quarterly Earnings Results

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

First Watch Restaurant Group Trading Down 1.7 %

Shares of NASDAQ:FWRG traded down $0.35 during midday trading on Friday, hitting $20.48. 573,004 shares of the stock traded hands, compared to its average volume of 580,596. The company has a quick ratio of 0.52, a current ratio of 0.57 and a debt-to-equity ratio of 0.33. The business’s 50 day moving average is $15.82 and its two-hundred day moving average is $17.42. The stock has a market capitalization of $1.24 billion, a PE ratio of 52.72, a P/E/G ratio of 4.71 and a beta of 0.85. First Watch Restaurant Group has a one year low of $12.90 and a one year high of $25.98.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FWRG. Benchmark reissued 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. Raymond James raised their price objective on First Watch Restaurant Group from $22.00 to $25.00 and gave the company a “strong-buy” rating in a report on Friday. Bank of America cut 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 note on Wednesday, July 17th. Barclays lifted their price target on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Guggenheim cut 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 note on Friday, October 4th. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $23.00.

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.