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

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective lifted by stock analysts at Bank of America from $27.00 to $28.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price target would indicate a potential upside of 66.37% from the stock’s previous close.

A number of other research analysts also recently issued reports on the company. Stephens reissued an “overweight” rating and issued a $25.00 price target on shares of First Watch Restaurant Group in a report on Tuesday. TD Securities reissued a “hold” rating and set a $21.00 price target on shares of First Watch Restaurant Group in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $22.60.

First Watch Restaurant Group Price Performance

Shares of NASDAQ:FWRG opened at $16.83 on Wednesday. First Watch Restaurant Group has a twelve month low of $12.90 and a twelve month high of $25.98. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. The company has a market cap of $1.02 billion, a PE ratio of 51.00, a price-to-earnings-growth ratio of 3.38 and a beta of 0.90. The company’s 50 day moving average is $19.92 and its 200 day moving average is $18.14.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its earnings results on Tuesday, March 11th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.01). The business had revenue of $263.30 million for the quarter, compared to analysts’ expectations of $262.82 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period last year, the business earned $0.04 EPS. On average, sell-side analysts forecast that First Watch Restaurant Group will post 0.32 EPS for the current year.

Institutional Trading of First Watch Restaurant Group

A number of institutional investors have recently made changes to their positions in FWRG. Versor Investments LP purchased a new position in First Watch Restaurant Group in the 3rd quarter valued at $201,000. Mutual of America Capital Management LLC acquired a new position in First Watch Restaurant Group during the third quarter worth about $5,757,000. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in First Watch Restaurant Group during the 3rd quarter valued at about $1,566,000. Commerce Bank purchased a new position in First Watch Restaurant Group in the 3rd quarter worth approximately $208,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in First Watch Restaurant Group by 21.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 251,403 shares of the company’s stock worth $3,922,000 after purchasing an additional 45,119 shares in the last quarter. 96.11% of the stock is owned by institutional investors and hedge funds.

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.