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

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) has earned an average rating of “Moderate Buy” from the ten ratings firms that are covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $23.30.

A number of equities analysts have recently commented on FWRG shares. TD Cowen increased their price target on shares of First Watch Restaurant Group from $18.00 to $21.00 and gave the stock a “hold” rating in a report on Friday, November 8th. Piper Sandler increased their target price on First Watch Restaurant Group from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Guggenheim dropped their price target on 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. Raymond James increased their price objective on First Watch Restaurant Group from $22.00 to $25.00 and gave the company a “strong-buy” rating in a research report on Friday, November 8th. Finally, Barclays boosted their target price on First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th.

First Watch Restaurant Group Price Performance

NASDAQ:FWRG opened at $17.78 on Monday. First Watch Restaurant Group has a 52-week low of $12.90 and a 52-week high of $25.98. The stock has a fifty day moving average of $18.93 and a 200 day moving average of $17.01. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of 53.88, a P/E/G ratio of 3.94 and a beta of 0.89.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). The business had revenue of $251.61 million for the quarter, compared to the consensus estimate of $256.17 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The business’s revenue was up 14.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.09 EPS. On average, research analysts expect that First Watch Restaurant Group will post 0.31 EPS for the current fiscal year.

Insider Activity at First Watch Restaurant Group

In related news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the company’s stock in a transaction on 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 completion of the sale, the insider now directly owns 19,189,784 shares in the company, valued at $379,190,131.84. This represents a 29.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 5.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Watch Restaurant Group

A number of large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its holdings in shares of First Watch Restaurant Group by 22.6% during the third quarter. JPMorgan Chase & Co. now owns 1,986,425 shares of the company’s stock worth $30,988,000 after purchasing an additional 366,227 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in First Watch Restaurant Group by 14.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,533,290 shares of the company’s stock worth $23,919,000 after buying an additional 192,471 shares during the period. Dimensional Fund Advisors LP grew its position in shares of First Watch Restaurant Group by 15.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,385,972 shares of the company’s stock worth $24,338,000 after buying an additional 189,740 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of First Watch Restaurant Group by 14.0% during the third quarter. Franklin Resources Inc. now owns 1,114,974 shares of the company’s stock valued at $16,022,000 after buying an additional 136,871 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of First Watch Restaurant Group by 7.9% during the third quarter. Wellington Management Group LLP now owns 813,670 shares of the company’s stock valued at $12,693,000 after buying an additional 59,508 shares during the period. 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.