First Watch Restaurant Group (NASDAQ:FWRG) Given New $22.00 Price Target at Benchmark

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective trimmed by Benchmark from $26.00 to $22.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

FWRG has been the subject of a number of other research reports. TD Cowen upgraded shares of First Watch Restaurant Group from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a report on Tuesday, April 1st. Piper Sandler lowered their price target on First Watch Restaurant Group from $23.00 to $20.00 and set an “overweight” rating on the stock in a report on Wednesday. Bank of America boosted their target price on First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, March 12th. Stephens dropped their price target on First Watch Restaurant Group from $24.00 to $23.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Sanford C. Bernstein set a $21.00 price objective on shares of First Watch Restaurant Group in a research note on Tuesday, March 11th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $21.18.

First Watch Restaurant Group Trading Up 4.3 %

NASDAQ:FWRG opened at $15.99 on Wednesday. First Watch Restaurant Group has a 52-week low of $12.90 and a 52-week high of $22.71. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $974.96 million, a PE ratio of 48.46, a P/E/G ratio of 3.38 and a beta of 1.01. The stock’s 50 day moving average price is $17.76 and its 200 day moving average price is $18.74.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.05). First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The firm had revenue of $282.24 million for the quarter, compared to analysts’ expectations of $282.98 million. During the same period in the prior year, the company earned $0.12 earnings per share. The company’s revenue for the quarter was up 16.4% on a year-over-year basis. On average, research analysts anticipate that First Watch Restaurant Group will post 0.32 EPS for the current year.

Insider Activity

In other First Watch Restaurant Group news, insider Jay Anthony Wolszczak sold 5,743 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total value of $96,539.83. Following the completion of the sale, the insider now owns 37,768 shares of the company’s stock, valued at $634,880.08. This trade represents a 13.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total transaction of $706,675.59. Following the transaction, the chief executive officer now directly owns 389,832 shares in the company, valued at approximately $6,553,075.92. The trade was a 9.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Barclays PLC grew its position in shares of First Watch Restaurant Group by 505.3% during the third quarter. Barclays PLC now owns 172,515 shares of the company’s stock worth $2,690,000 after buying an additional 144,014 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of First Watch Restaurant Group by 14.0% in the 3rd quarter. Franklin Resources Inc. now owns 1,114,974 shares of the company’s stock worth $16,022,000 after buying an additional 136,871 shares during the last quarter. Diversified Trust Co boosted its holdings in shares of First Watch Restaurant Group by 84.5% in the 4th quarter. Diversified Trust Co now owns 29,051 shares of the company’s stock valued at $541,000 after buying an additional 13,301 shares during the period. SG Americas Securities LLC lifted its holdings in First Watch Restaurant Group by 98.9% in the fourth quarter. SG Americas Securities LLC now owns 15,177 shares of the company’s stock worth $282,000 after acquiring an additional 7,547 shares during the last quarter. Finally, WCM Investment Management LLC boosted its stake in First Watch Restaurant Group by 44.2% in the fourth quarter. WCM Investment Management LLC now owns 947,240 shares of the company’s stock valued at $17,552,000 after acquiring an additional 290,173 shares during the period. Institutional investors and hedge funds 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.