Piper Sandler Forecasts Strong Price Appreciation for First Watch Restaurant Group (NASDAQ:FWRG) Stock

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) had its price target lifted by research analysts at Piper Sandler from $22.00 to $23.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Piper Sandler's price target indicates a potential upside of 7.38% from the stock's current price.

Several other analysts have also recently commented on the stock. TD Cowen upped their target price on shares of First Watch Restaurant Group from $18.00 to $21.00 and gave the company a "hold" rating in a research report on Friday. Bank of America cut their target price on 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. Benchmark restated a "buy" rating and set a $23.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Raymond James increased their price target on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the company a "strong-buy" rating in a research report on Friday. Finally, Guggenheim lowered their price objective on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a "buy" rating for the company in a research report on Friday, October 4th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $23.30.

First Watch Restaurant Group Trading Up 1.7 %

FWRG traded up $0.35 during mid-day trading on Monday, reaching $21.42. The stock had a trading volume of 612,633 shares, compared to its average volume of 582,368. The firm's fifty day simple moving average is $15.91 and its two-hundred day simple moving average is $17.33. The stock has a market capitalization of $1.29 billion, a P/E ratio of 63.33, a P/E/G ratio of 5.88 and a beta of 0.85. First Watch Restaurant Group has a 52 week low of $12.90 and a 52 week high of $25.98. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.52 and a current ratio of 0.57.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.02). The firm had revenue of $251.61 million during the quarter, compared to the consensus estimate of $256.17 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.64%. First Watch Restaurant Group's revenue was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.09 EPS. On average, equities analysts predict that First Watch Restaurant Group will post 0.31 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FWRG. Quent Capital LLC acquired a new position in First Watch Restaurant Group in the 1st quarter valued at $172,000. Quantbot Technologies LP acquired a new position in shares of First Watch Restaurant Group during the 1st quarter worth approximately $322,000. Swiss National Bank increased its holdings in shares of First Watch Restaurant Group by 22.3% during the first quarter. Swiss National Bank now owns 64,600 shares of the company's stock worth $1,590,000 after purchasing an additional 11,800 shares during the period. Sei Investments Co. raised its position in shares of First Watch Restaurant Group by 6.5% in the first quarter. Sei Investments Co. now owns 29,162 shares of the company's stock valued at $718,000 after buying an additional 1,783 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in shares of First Watch Restaurant Group by 44.0% in the first quarter. Russell Investments Group Ltd. now owns 26,030 shares of the company's stock valued at $641,000 after buying an additional 7,952 shares during the period. 96.11% of the stock is currently owned by institutional investors.

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.