Benchmark Reiterates Buy Rating for First Watch Restaurant Group (NASDAQ:FWRG)

First Watch Restaurant Group (NASDAQ:FWRG)‘s stock had its “buy” rating restated by equities research analysts at Benchmark in a report released on Wednesday, Benzinga reports. They currently have a $23.00 price target on the stock. Benchmark’s price target suggests a potential upside of 54.99% from the company’s previous close.

Several other research firms have also recently weighed in on FWRG. Bank of America decreased their price objective on shares of First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Stifel Nicolaus lowered their price target on First Watch Restaurant Group from $22.00 to $18.00 and set a “hold” rating on the stock in a report on Tuesday, July 2nd. Barclays lowered their target price on First Watch Restaurant Group from $27.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Guggenheim dropped their price objective on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, October 4th. Finally, TD Cowen reiterated a “hold” rating and issued a $18.00 price target on shares of First Watch Restaurant Group in a research report on Thursday, September 12th. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.63.

First Watch Restaurant Group Trading Up 0.5 %

NASDAQ:FWRG traded up $0.07 during trading hours on Wednesday, hitting $14.84. The company had a trading volume of 17,336 shares, compared to its average volume of 574,140. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.57 and a quick ratio of 0.52. First Watch Restaurant Group has a 52 week low of $12.90 and a 52 week high of $25.98. The stock has a 50-day moving average price of $15.64 and a 200 day moving average price of $18.03. The company has a market capitalization of $895.94 million, a PE ratio of 39.05, a price-to-earnings-growth ratio of 2.09 and a beta of 0.87.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The business had revenue of $258.60 million during the quarter, compared to analysts’ expectations of $257.65 million. First Watch Restaurant Group had a return on equity of 4.24% and a net margin of 2.51%. The firm’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.13 earnings per share. On average, equities research analysts predict that First Watch Restaurant Group will post 0.34 EPS for the current fiscal year.

Institutional Investors Weigh In On First Watch Restaurant Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Diversified Trust Co grew its stake in First Watch Restaurant Group by 9.8% during the third quarter. Diversified Trust Co now owns 15,750 shares of the company’s stock valued at $246,000 after acquiring an additional 1,400 shares in the last quarter. Sei Investments Co. lifted its position in shares of First Watch Restaurant Group by 6.5% in the first quarter. Sei Investments Co. now owns 29,162 shares of the company’s stock worth $718,000 after buying an additional 1,783 shares in the last quarter. iA Global Asset Management Inc. boosted its stake in First Watch Restaurant Group by 10.9% during the second quarter. iA Global Asset Management Inc. now owns 19,898 shares of the company’s stock valued at $349,000 after buying an additional 1,948 shares during the last quarter. Quent Capital LLC increased its stake in First Watch Restaurant Group by 28.6% in the 2nd quarter. Quent Capital LLC now owns 9,000 shares of the company’s stock worth $158,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Sunbelt Securities Inc. purchased a new position in First Watch Restaurant Group in the first quarter worth about $65,000. Institutional investors own 96.11% of the company’s stock.

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.