First Watch Restaurant Group (NASDAQ:FWRG) Given New $28.00 Price Target at Bank of America

First Watch Restaurant Group (NASDAQ:FWRG) had its price target lifted by equities research analysts at Bank of America from $27.00 to $28.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective would suggest a potential upside of 66.37% from the company’s previous close.

FWRG has been the subject of several other reports. TD Securities reiterated a “hold” rating and set a $21.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday. Stephens reaffirmed an “overweight” rating and set a $25.00 target price on shares of First Watch Restaurant Group in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, First Watch Restaurant Group presently has a consensus rating of “Moderate Buy” and an average price target of $22.60.

First Watch Restaurant Group Stock Down 7.0 %

NASDAQ FWRG opened at $16.83 on Wednesday. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. First Watch Restaurant Group has a 52 week low of $12.90 and a 52 week high of $25.98. The firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of 51.00, a PEG ratio of 3.38 and a beta of 0.90. The company has a fifty day moving average of $19.92 and a two-hundred day moving average of $18.14.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings results on Tuesday, March 11th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.01). The firm had revenue of $263.30 million for the quarter, compared to analysts’ expectations of $262.82 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. During the same period in the prior year, the firm posted $0.04 earnings per share. First Watch Restaurant Group’s revenue for the quarter was up 7.6% on a year-over-year basis. On average, analysts predict that First Watch Restaurant Group will post 0.32 earnings per share for the current year.

Hedge Funds Weigh In On First Watch Restaurant Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Champlain Investment Partners LLC lifted its position in First Watch Restaurant Group by 59.0% during the fourth quarter. Champlain Investment Partners LLC now owns 2,582,303 shares of the company’s stock valued at $48,057,000 after acquiring an additional 958,417 shares during the last quarter. Vanguard Group Inc. increased its position in First Watch Restaurant Group by 25.6% during the 4th quarter. Vanguard Group Inc. now owns 2,351,614 shares of the company’s stock valued at $43,764,000 after buying an additional 479,741 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in First Watch Restaurant Group by 7.8% in the fourth quarter. JPMorgan Chase & Co. now owns 2,141,209 shares of the company’s stock worth $39,848,000 after acquiring an additional 154,784 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in shares of First Watch Restaurant Group during the fourth quarter worth about $39,095,000. Finally, 12 West Capital Management LP increased its holdings in shares of First Watch Restaurant Group by 20.2% during the fourth quarter. 12 West Capital Management LP now owns 2,013,406 shares of the company’s stock valued at $37,469,000 after acquiring an additional 337,920 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.