Stephens Begins Coverage on First Watch Restaurant Group (NASDAQ:FWRG)

Stephens began coverage on shares of First Watch Restaurant Group (NASDAQ:FWRG) in a report released on Thursday, MarketBeat reports. The brokerage issued an overweight rating and a $20.00 price objective on the stock.

Other equities analysts have also issued reports about the stock. Stifel Nicolaus reduced their target price on shares of First Watch Restaurant Group from $22.00 to $18.00 and set a “hold” rating for the company in a research note on Tuesday, July 2nd. Barclays dropped their target price on First Watch Restaurant Group from $27.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. TD Cowen reaffirmed a “hold” rating and set a $18.00 price target on shares of First Watch Restaurant Group in a research report on Thursday, September 12th. Guggenheim lowered 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, Benchmark restated a “buy” rating and set a $23.00 target price on shares of First Watch Restaurant Group in a report on Wednesday. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $22.33.

First Watch Restaurant Group Trading Up 10.5 %

NASDAQ:FWRG opened at $16.54 on Thursday. The firm has a market capitalization of $998.57 million, a price-to-earnings ratio of 43.53, a PEG ratio of 2.09 and a beta of 0.87. First Watch Restaurant Group has a 1-year low of $12.90 and a 1-year high of $25.98. The business’s 50-day moving average price is $15.62 and its two-hundred day moving average price is $18.00. 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 (NASDAQ:FWRG) last issued 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. First Watch Restaurant Group had a net margin of 2.51% and a return on equity of 4.24%. The firm had revenue of $258.60 million during the quarter, compared to analysts’ expectations of $257.65 million. During the same quarter in the previous year, the company earned $0.13 earnings per share. The business’s revenue for the quarter was up 19.6% on a year-over-year basis. On average, equities analysts expect that First Watch Restaurant Group will post 0.34 earnings per share for the current year.

Institutional Trading of First Watch Restaurant Group

Several large investors have recently modified their holdings of FWRG. Wellington Management Group LLP lifted its position in First Watch Restaurant Group by 5.8% during the fourth quarter. Wellington Management Group LLP now owns 401,062 shares of the company’s stock worth $8,061,000 after purchasing an additional 22,024 shares during the period. Sunbelt Securities Inc. acquired a new stake in shares of First Watch Restaurant Group during the 1st quarter worth approximately $65,000. LVW Advisors LLC bought a new position in First Watch Restaurant Group in the first quarter valued at approximately $227,000. Deepwater Asset Management LLC raised its position in First Watch Restaurant Group by 275.3% during the first quarter. Deepwater Asset Management LLC now owns 412,884 shares of the company’s stock valued at $10,165,000 after purchasing an additional 302,878 shares in the last quarter. Finally, Capstone Investment Advisors LLC bought a new stake in shares of First Watch Restaurant Group during the 1st quarter worth $926,000. 96.11% of the stock is owned by institutional investors and hedge funds.

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.