First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Receives $18.56 Average Target Price from Analysts

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) have received a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are presently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $18.5556.

FWRG has been the subject of a number of research analyst reports. Guggenheim dropped their price target on First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, August 7th. Wall Street Zen upgraded shares of First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Weiss Ratings raised shares of First Watch Restaurant Group from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, August 28th. TD Cowen restated a “buy” rating and set a $17.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, June 3rd. Finally, Freedom Capital upgraded shares of First Watch Restaurant Group to a “strong-buy” rating in a research report on Wednesday, July 1st.

First Watch Restaurant Group Price Performance

Shares of NASDAQ:FWRG opened at $12.05 on Friday. The business’s 50 day simple moving average is $12.54 and its 200-day simple moving average is $12.15. The firm has a market capitalization of $743.61 million, a price-to-earnings ratio of 41.55, a price-to-earnings-growth ratio of 20.08 and a beta of 1.03. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.27 and a quick ratio of 0.22. First Watch Restaurant Group has a 12 month low of $9.97 and a 12 month high of $19.02.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings data on Tuesday, August 4th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). The firm had revenue of $354.67 million during the quarter, compared to analysts’ expectations of $351.57 million. First Watch Restaurant Group had a net margin of 1.35% and a return on equity of 2.85%. The business’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.03 earnings per share. As a group, equities analysts forecast that First Watch Restaurant Group will post 0.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FWRG. Royal Bank of Canada lifted its stake in First Watch Restaurant Group by 67.3% in the 1st quarter. Royal Bank of Canada now owns 54,267 shares of the company’s stock valued at $903,000 after buying an additional 21,830 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in First Watch Restaurant Group by 31.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,766 shares of the company’s stock valued at $379,000 after buying an additional 5,497 shares during the last quarter. Legal & General Group Plc increased its position in First Watch Restaurant Group by 1.6% during the second quarter. Legal & General Group Plc now owns 45,531 shares of the company’s stock worth $730,000 after buying an additional 724 shares in the last quarter. Rhumbline Advisers increased its position in First Watch Restaurant Group by 45.8% during the second quarter. Rhumbline Advisers now owns 73,882 shares of the company’s stock worth $1,185,000 after buying an additional 23,205 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of First Watch Restaurant Group by 43.4% in the second quarter. American Century Companies Inc. now owns 72,166 shares of the company’s stock worth $1,158,000 after acquiring an additional 21,846 shares during the last quarter. 96.11% of the stock is owned by hedge funds and other institutional investors.

About First Watch Restaurant Group

First Watch Restaurant Group, Inc (NASDAQ: FWRG) operates a specialty daytime dining concept focused on breakfast, brunch and lunch. The company’s casual, full-service cafés emphasize fresh ingredients, made-to-order entrées and a seasonally driven menu that ranges from omelets and Benedicts to salads, skillets and afternoon sandwiches. First Watch positions itself as a daytime-only destination, with most locations opening early morning and closing by mid-afternoon.

Founded in 1983 by Ken Pendery and John Sullivan in Pacific Grove, California, First Watch began as a single café and gradually expanded through company-owned and select franchised locations.