First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Expected to Rise, Barclays Analyst Says

First Watch Restaurant Group (NASDAQ:FWRG) had its price target boosted by equities researchers at Barclays from $18.00 to $22.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s target price points to a potential upside of 7.00% from the company’s current price.

A number of other research analysts have also recently issued reports on the company. Bank of America decreased their target price on First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. Benchmark reiterated a “buy” rating and issued a $23.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Stephens raised their target price on shares of First Watch Restaurant Group from $20.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday. Guggenheim reduced their price target on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating for the company in a report on Friday, October 4th. Finally, TD Cowen reissued a “hold” rating and set a $18.00 price objective 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, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $23.00.

First Watch Restaurant Group Trading Down 1.3 %

NASDAQ FWRG traded down $0.27 on Friday, reaching $20.56. The company had a trading volume of 516,107 shares, compared to its average volume of 580,334. The company has a quick ratio of 0.52, a current ratio of 0.57 and a debt-to-equity ratio of 0.33. First Watch Restaurant Group has a 52 week low of $12.90 and a 52 week high of $25.98. The stock has a market cap of $1.24 billion, a price-to-earnings ratio of 52.72, a PEG ratio of 4.71 and a beta of 0.85. The stock’s 50 day moving average is $15.82 and its 200-day moving average is $17.42.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). The firm had revenue of $251.61 million during the quarter, compared to analyst estimates of $256.17 million. First Watch Restaurant Group had a net margin of 2.51% and a return on equity of 4.24%. The business’s revenue was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.09 earnings per share. Equities analysts predict that First Watch Restaurant Group will post 0.33 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of First Watch Restaurant Group by 18.8% during the 1st quarter. Vanguard Group Inc. now owns 1,611,452 shares of the company’s stock worth $39,674,000 after buying an additional 255,307 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in First Watch Restaurant Group by 15.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,385,972 shares of the company’s stock valued at $24,338,000 after purchasing an additional 189,740 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in First Watch Restaurant Group by 26.5% during the second quarter. The Manufacturers Life Insurance Company now owns 1,340,819 shares of the company’s stock valued at $23,545,000 after purchasing an additional 281,056 shares during the last quarter. Deepwater Asset Management LLC grew its stake in First Watch Restaurant Group by 15.4% in the third quarter. Deepwater Asset Management LLC now owns 802,625 shares of the company’s stock valued at $12,521,000 after purchasing an additional 106,976 shares in the last quarter. Finally, Capital Research Global Investors increased its position in shares of First Watch Restaurant Group by 17.1% during the 1st quarter. Capital Research Global Investors now owns 776,545 shares of the company’s stock worth $19,119,000 after purchasing an additional 113,555 shares during the last quarter. 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.