First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Receives $23.30 Average Target Price from Brokerages

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) has earned a consensus recommendation of “Moderate Buy” from the ten brokerages that are presently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $23.30.

Several equities analysts have commented on FWRG shares. Stephens raised their price objective on First Watch Restaurant Group from $20.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. 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 research note on Friday, October 4th. Benchmark reaffirmed a “buy” rating and set a $23.00 target price on shares of First Watch Restaurant Group in a research note on Wednesday, October 16th. TD Cowen boosted their price target on First Watch Restaurant Group from $18.00 to $21.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Finally, Raymond James raised their price objective on First Watch Restaurant Group from $22.00 to $25.00 and gave the company a “strong-buy” rating in a research report on Friday, November 8th.

First Watch Restaurant Group Price Performance

FWRG stock opened at $17.78 on Monday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51. First Watch Restaurant Group has a 1 year low of $12.90 and a 1 year high of $25.98. The firm has a 50-day moving average of $18.93 and a 200 day moving average of $17.01. The company has a market cap of $1.08 billion, a P/E ratio of 53.88, a PEG ratio of 3.94 and a beta of 0.89.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its earnings results on Thursday, November 7th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.02). The firm had revenue of $251.61 million during the quarter, compared to the consensus estimate of $256.17 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The firm’s revenue was up 14.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.09 EPS. On average, sell-side analysts forecast that First Watch Restaurant Group will post 0.31 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of First Watch Restaurant Group stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $19.76, for a total value of $158,080,000.00. Following the completion of the sale, the insider now directly owns 19,189,784 shares in the company, valued at approximately $379,190,131.84. This trade represents a 29.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Watch Restaurant Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its holdings in shares of First Watch Restaurant Group by 22.6% during the third quarter. JPMorgan Chase & Co. now owns 1,986,425 shares of the company’s stock valued at $30,988,000 after purchasing an additional 366,227 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in First Watch Restaurant Group by 14.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,533,290 shares of the company’s stock worth $23,919,000 after purchasing an additional 192,471 shares during the period. Dimensional Fund Advisors LP grew its position in First Watch Restaurant Group by 15.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,385,972 shares of the company’s stock worth $24,338,000 after purchasing an additional 189,740 shares during the period. Franklin Resources Inc. raised its stake in First Watch Restaurant Group by 14.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,114,974 shares of the company’s stock valued at $16,022,000 after buying an additional 136,871 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of First Watch Restaurant Group by 7.9% during the 3rd quarter. Wellington Management Group LLP now owns 813,670 shares of the company’s stock valued at $12,693,000 after buying an additional 59,508 shares during the period. 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.