First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Stock Has Average Price Target of $18.56

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) has received an average rating of “Moderate Buy” from the eleven brokerages that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $18.33.

FWRG has been the subject of several recent research reports. Guggenheim cut their price objective on First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating for the company in a report on Friday, August 7th. DA Davidson dropped their target price on First Watch Restaurant Group from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday. Citigroup cut their price target on First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday, August 5th. Wall Street Zen upgraded First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Finally, Freedom Capital raised First Watch Restaurant Group to a “strong-buy” rating in a research note on Wednesday, July 1st.

First Watch Restaurant Group Stock Up 1.0%

First Watch Restaurant Group stock opened at $10.61 on Wednesday. First Watch Restaurant Group has a twelve month low of $9.88 and a twelve month high of $18.82. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.22 and a current ratio of 0.27. The firm has a market cap of $654.76 million, a PE ratio of 36.59, a P/E/G ratio of 17.52 and a beta of 1.05. The firm’s 50 day moving average price is $11.72 and its two-hundred day moving average price is $11.79.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its earnings results on Tuesday, August 4th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). First Watch Restaurant Group had a net margin of 1.35% and a return on equity of 2.85%. The company had revenue of $354.67 million for the quarter, compared to analyst estimates of $351.57 million. During the same period last year, the business earned $0.03 EPS. The company’s quarterly revenue was up 15.2% on a year-over-year basis. On average, research analysts predict that First Watch Restaurant Group will post 0.15 EPS for the current fiscal year.

Institutional Trading of First Watch Restaurant Group

A number of institutional investors have recently added to or reduced their stakes in the business. Engineers Gate Manager LP boosted its holdings in First Watch Restaurant Group by 16.1% in the second quarter. Engineers Gate Manager LP now owns 29,200 shares of the company’s stock worth $376,000 after purchasing an additional 4,050 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in First Watch Restaurant Group during the second quarter valued at about $70,000. Allworth Financial LP increased its stake in First Watch Restaurant Group by 325.4% during the second quarter. Allworth Financial LP now owns 2,225 shares of the company’s stock valued at $29,000 after acquiring an additional 1,702 shares during the period. Arizona State Retirement System raised its holdings in First Watch Restaurant Group by 9.0% in the 2nd quarter. Arizona State Retirement System now owns 16,448 shares of the company’s stock valued at $212,000 after acquiring an additional 1,361 shares in the last quarter. Finally, Corient Private Wealth LP grew its holdings in shares of First Watch Restaurant Group by 105.3% during the 2nd quarter. Corient Private Wealth LP now owns 285,062 shares of the company’s stock worth $3,674,000 after purchasing an additional 146,196 shares in the last quarter. 96.11% of the stock is currently owned by institutional investors and hedge funds.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc operates a chain of daytime restaurants specializing in breakfast, brunch and lunch. Its restaurants serve made-to-order meals prepared with fresh ingredients, including omelets, pancakes, avocado toast, salads, sandwiches and other contemporary daytime fare. The company also offers coffee, fresh juices and other beverages.

First Watch restaurants are designed around a daytime dining experience and generally operate during breakfast and lunch hours rather than offering dinner service.