First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Receives $23.30 Average PT from Analysts

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) have received a consensus rating of "Moderate Buy" from the ten brokerages that are currently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $23.30.

FWRG has been the topic of several recent analyst reports. Benchmark reiterated 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 raised their target price on shares of First Watch Restaurant Group from $20.00 to $25.00 and gave the company an "overweight" rating in a research report on Friday, November 8th. Barclays lifted their target price on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. Piper Sandler lifted their price target on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Monday, November 11th. Finally, TD Cowen lifted their price objective on First Watch Restaurant Group from $18.00 to $21.00 and gave the stock a "hold" rating in a research note on Friday, November 8th.

First Watch Restaurant Group Stock Performance

NASDAQ:FWRG traded down $0.28 during mid-day trading on Thursday, reaching $18.25. 487,671 shares of the company's stock were exchanged, compared to its average volume of 625,686. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54. The firm has a market capitalization of $1.11 billion, a PE ratio of 55.30, a price-to-earnings-growth ratio of 5.77 and a beta of 0.89. First Watch Restaurant Group has a one year low of $12.90 and a one year high of $25.98. The business's fifty day simple moving average is $18.11 and its two-hundred day simple moving average is $16.91.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.03 EPS for the quarter, missing analysts' consensus estimates of $0.05 by ($0.02). First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The company had revenue of $251.61 million for the quarter, compared to the consensus estimate of $256.17 million. During the same quarter last year, the business earned $0.09 EPS. First Watch Restaurant Group's revenue was up 14.8% on a year-over-year basis. Analysts anticipate that First Watch Restaurant Group will post 0.31 earnings per share for the current fiscal year.

Insider Activity at First Watch Restaurant Group

In related news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the firm's stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $19.76, for a total value of $158,080,000.00. Following the completion of the sale, the insider now directly owns 19,189,784 shares in the company, valued at $379,190,131.84. This trade represents a 29.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of hedge funds and other institutional investors have recently made changes to their positions in FWRG. Rocky Mountain Advisers LLC raised its position in shares of First Watch Restaurant Group by 180.1% in the 3rd quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company's stock worth $103,000 after acquiring an additional 4,250 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of First Watch Restaurant Group during the third quarter worth about $119,000. XTX Topco Ltd purchased a new position in shares of First Watch Restaurant Group in the 3rd quarter valued at approximately $157,000. Versor Investments LP purchased a new position in shares of First Watch Restaurant Group in the third quarter worth $201,000. Finally, Commerce Bank acquired a new stake in First Watch Restaurant Group during the 3rd quarter valued at approximately $208,000. Institutional investors own 96.11% of the company's stock.

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.