First Watch Restaurant Group (NASDAQ:FWRG) Price Target Raised to $25.00

First Watch Restaurant Group (NASDAQ:FWRG) had its target price increased by equities researchers at Raymond James from $22.00 to $25.00 in a report issued on Friday,Benzinga reports. The firm currently has a “strong-buy” rating on the stock. Raymond James’ price target points to a potential upside of 21.60% from the company’s previous close.

Several other research firms also recently issued reports on FWRG. Guggenheim dropped their price target on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday, October 4th. Barclays raised their target price on First Watch Restaurant Group from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday. Benchmark reissued a “buy” rating and issued a $23.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, October 16th. TD Cowen restated a “hold” rating and set a $18.00 price objective on shares of First Watch Restaurant Group in a research note on Thursday, September 12th. Finally, Stephens upped their target price on First Watch Restaurant Group from $20.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $23.00.

First Watch Restaurant Group Stock Down 1.3 %

Shares of FWRG traded down $0.27 during midday trading on Friday, reaching $20.56. 516,107 shares of the company were exchanged, compared to its average volume of 580,334. The company has a current ratio of 0.57, a quick ratio of 0.52 and a debt-to-equity ratio of 0.33. 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 $1.24 billion, a price-to-earnings ratio of 52.72, a P/E/G ratio of 4.71 and a beta of 0.85. The stock has a 50-day moving average price of $15.82 and a 200-day moving average price of $17.42.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). 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%. The firm’s revenue was up 14.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.09 EPS. Research analysts expect that First Watch Restaurant Group will post 0.33 earnings per share for the current year.

Hedge Funds Weigh In On First Watch Restaurant Group

Several institutional investors have recently made changes to their positions in the stock. Rocky Mountain Advisers LLC lifted its holdings in shares of First Watch Restaurant Group by 180.1% in the 3rd quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company’s stock worth $103,000 after purchasing an additional 4,250 shares during the last quarter. Quent Capital LLC acquired a new stake in First Watch Restaurant Group in the first quarter worth $172,000. SG Americas Securities LLC bought a new stake in First Watch Restaurant Group in the third quarter valued at $119,000. Janus Henderson Group PLC acquired a new position in shares of First Watch Restaurant Group during the first quarter valued at $226,000. Finally, Versor Investments LP bought a new position in shares of First Watch Restaurant Group during the third quarter worth about $201,000. 96.11% of the stock is owned by institutional investors.

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.