Bank of America Forecasts Strong Price Appreciation for First Watch Restaurant Group (NASDAQ:FWRG) Stock

First Watch Restaurant Group (NASDAQ:FWRG) had its price target upped by Bank of America from $27.00 to $28.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

FWRG has been the subject of several other research reports. Stephens reaffirmed an “overweight” rating and issued a $25.00 price objective on shares of First Watch Restaurant Group in a research note on Tuesday. TD Securities reiterated a “hold” rating and issued a $21.00 target price on shares of First Watch Restaurant Group in a report on Wednesday. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.36.

First Watch Restaurant Group Stock Performance

First Watch Restaurant Group stock opened at $17.04 on Wednesday. The business has a 50 day moving average of $19.89 and a 200-day moving average of $18.13. First Watch Restaurant Group has a 1 year low of $12.90 and a 1 year high of $25.98. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51. The company has a market capitalization of $1.03 billion, a P/E ratio of 51.64, a P/E/G ratio of 3.38 and a beta of 0.90.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings data 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). First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The firm had revenue of $263.30 million during the quarter, compared to analyst estimates of $262.82 million. During the same period in the prior year, the company earned $0.04 EPS. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. On average, equities research analysts predict that First Watch Restaurant Group will post 0.32 earnings per share for the current year.

Hedge Funds Weigh In On First Watch Restaurant Group

Institutional investors and hedge funds have recently modified their holdings of the business. Assetmark Inc. boosted its holdings in shares of First Watch Restaurant Group by 68.7% during the 4th quarter. Assetmark Inc. now owns 2,455 shares of the company’s stock worth $46,000 after buying an additional 1,000 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new position in shares of First Watch Restaurant Group during the 4th quarter worth approximately $51,000. State of Wyoming boosted its holdings in shares of First Watch Restaurant Group by 212.6% during the 4th quarter. State of Wyoming now owns 3,214 shares of the company’s stock worth $60,000 after buying an additional 2,186 shares in the last quarter. Venturi Wealth Management LLC bought a new position in shares of First Watch Restaurant Group during the 4th quarter worth approximately $81,000. Finally, BNP Paribas Financial Markets bought a new position in shares of First Watch Restaurant Group during the 4th quarter worth approximately $86,000. 96.11% of the stock is currently owned by institutional investors.

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.