First Watch Restaurant Group (NASDAQ:FWRG) Posts Quarterly Earnings Results, Misses Estimates By $0.02 EPS

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) posted its quarterly earnings results on Thursday. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.02), Briefing.com reports. The firm had revenue of $251.61 million for the quarter, compared to analysts' expectations of $256.17 million. First Watch Restaurant Group had a net margin of 2.51% and a return on equity of 4.24%. First Watch Restaurant Group's revenue was up 14.8% on a year-over-year basis. During the same period last year, the firm posted $0.09 EPS. First Watch Restaurant Group updated its FY 2024 guidance to EPS.

First Watch Restaurant Group Stock Performance

First Watch Restaurant Group stock traded down $0.38 during mid-day trading on Friday, reaching $20.45. The company's stock had a trading volume of 546,230 shares, compared to its average volume of 580,472. The company has a current ratio of 0.57, a quick ratio of 0.52 and a debt-to-equity ratio of 0.33. First Watch Restaurant Group has a twelve month low of $12.90 and a twelve month high of $25.98. The business has a 50 day moving average price of $15.82 and a 200-day moving average price of $17.42. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of 52.72, a PEG ratio of 4.71 and a beta of 0.85.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Stephens increased their target price on First Watch Restaurant Group from $20.00 to $25.00 and gave the company an "overweight" rating in a research note on Friday. TD Cowen reiterated a "hold" rating and set a $18.00 price objective on shares of First Watch Restaurant Group in a research note on Thursday, September 12th. Barclays upped their target price on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the company an "overweight" rating in a research note on Friday. Bank of America dropped their price target on shares of First Watch Restaurant Group from $29.00 to $24.00 and set a "buy" rating on the stock in a research note on Wednesday, July 17th. Finally, Raymond James upped their target price on First Watch Restaurant Group from $22.00 to $25.00 and gave the company a "strong-buy" rating in a research report on Friday. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, First Watch Restaurant Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.00.

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.

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