First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Receives $22.27 Consensus Price Target from Analysts

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) have been assigned a consensus recommendation of "Buy" from the ten analysts that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $22.45.

A number of research firms have weighed in on FWRG. TD Securities upgraded shares of First Watch Restaurant Group from a "hold" rating to a "buy" rating and upped their price objective for the stock from $21.00 to $22.00 in a research report on Tuesday. Sanford C. Bernstein set a $21.00 price target on shares of First Watch Restaurant Group in a research report on Tuesday, March 11th. Bank of America lifted their price objective on First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a "buy" rating in a report on Wednesday, March 12th. Benchmark reissued a "buy" rating on shares of First Watch Restaurant Group in a report on Wednesday, March 12th. Finally, TD Cowen raised First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 price target on the stock in a research note on Tuesday.

First Watch Restaurant Group Price Performance

Shares of FWRG stock traded up $0.51 during mid-day trading on Friday, hitting $18.42. 591,359 shares of the stock were exchanged, compared to its average volume of 655,622. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. First Watch Restaurant Group has a 52-week low of $12.90 and a 52-week high of $25.98. The firm has a fifty day moving average of $19.31 and a 200 day moving average of $18.23. The company has a market cap of $1.12 billion, a PE ratio of 55.82, a price-to-earnings-growth ratio of 3.38 and a beta of 0.91.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its quarterly earnings data on Tuesday, March 11th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.02 by ($0.01). The business had revenue of $263.30 million during the quarter, compared to analyst estimates of $262.82 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The firm's revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.04 earnings per share. Research analysts anticipate that First Watch Restaurant Group will post 0.32 earnings per share for the current year.

Insider Activity

In other news, CEO Christopher Anthony Tomasso sold 42,039 shares of First Watch Restaurant Group stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $706,675.59. Following the completion of the sale, the chief executive officer now directly owns 389,832 shares of the company's stock, valued at approximately $6,553,075.92. The trade was a 9.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $96,539.83. Following the transaction, the insider now directly owns 37,768 shares in the company, valued at approximately $634,880.08. The trade was a 13.20 % decrease in their position. The disclosure for this sale can be found here. Insiders own 5.00% of the company's stock.

Hedge Funds Weigh In On First Watch Restaurant Group

Several institutional investors have recently bought and sold shares of FWRG. Charles Schwab Investment Management Inc. grew its holdings in shares of First Watch Restaurant Group by 21.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 251,403 shares of the company's stock valued at $3,922,000 after purchasing an additional 45,119 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in First Watch Restaurant Group in the 3rd quarter valued at approximately $342,000. The Manufacturers Life Insurance Company grew its stake in shares of First Watch Restaurant Group by 14.4% in the third quarter. The Manufacturers Life Insurance Company now owns 1,533,290 shares of the company's stock worth $23,919,000 after acquiring an additional 192,471 shares in the last quarter. FMR LLC increased its position in shares of First Watch Restaurant Group by 9.5% during the third quarter. FMR LLC now owns 625,523 shares of the company's stock worth $9,758,000 after acquiring an additional 54,282 shares during the period. Finally, Walleye Capital LLC acquired a new stake in shares of First Watch Restaurant Group in the third quarter valued at $215,000. 96.11% of the stock is owned by institutional investors and hedge funds.

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.