First Watch Restaurant Group (NASDAQ:FWRG) Announces Earnings Results

First Watch Restaurant Group (NASDAQ:FWRG) issued its quarterly earnings results on Thursday. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02), Briefing.com reports. The company had revenue of $251.61 million during the quarter, compared to analyst estimates of $256.17 million. First Watch Restaurant Group had a return on equity of 4.24% and a net margin of 2.51%. The company’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 earnings per share. First Watch Restaurant Group updated its FY 2024 guidance to EPS.

First Watch Restaurant Group Stock Up 1.2 %

NASDAQ FWRG opened at $21.07 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.57 and a quick ratio of 0.52. The company’s 50 day simple moving average is $15.91 and its 200 day simple moving average is $17.41. First Watch Restaurant Group has a 12 month low of $12.90 and a 12 month high of $25.98. The company has a market capitalization of $1.27 billion, a P/E ratio of 54.03, a PEG ratio of 5.09 and a beta of 0.85.

Analyst Ratings Changes

A number of analysts have recently weighed in on FWRG shares. Benchmark reaffirmed a “buy” rating and issued a $23.00 price target on shares of First Watch Restaurant Group in a research note on Wednesday, October 16th. Stephens upped their price target on shares of First Watch Restaurant Group from $20.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday. TD Cowen upped their price target on shares of First Watch Restaurant Group from $18.00 to $21.00 and gave the stock a “hold” rating in a research note 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 research note on Friday, October 4th. Finally, Barclays upped their price target on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday. 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.33.

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.