First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Expected to Rise, Raymond James Analyst Says

First Watch Restaurant Group (NASDAQ:FWRG - Free Report) had its price target lifted by Raymond James from $22.00 to $25.00 in a research note released on Friday,Benzinga reports. Raymond James currently has a strong-buy rating on the stock.

Several other research firms also recently weighed in on FWRG. Stephens increased their price target on shares of First Watch Restaurant Group from $20.00 to $25.00 and gave the stock an "overweight" rating in a research report on Friday. Bank of America decreased their target price on First Watch Restaurant Group from $29.00 to $24.00 and set a "buy" rating on the stock in a report on Wednesday, July 17th. Guggenheim cut their price target on First Watch Restaurant Group from $24.00 to $20.00 and set a "buy" rating for the company in a report on Friday, October 4th. Benchmark reaffirmed a "buy" rating and issued a $23.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, October 16th. Finally, Barclays boosted their price objective on First Watch Restaurant Group from $18.00 to $22.00 and gave the company an "overweight" rating in a research note on Friday. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $23.33.

First Watch Restaurant Group Stock Up 1.2 %

FWRG stock traded up $0.24 on Friday, reaching $21.07. 927,402 shares of the company traded hands, compared to its average volume of 582,229. The firm has a fifty day simple moving average of $15.82 and a 200-day simple moving average of $17.42. The company has a market cap of $1.27 billion, a P/E ratio of 53.15, a price-to-earnings-growth ratio of 4.71 and a beta of 0.85. First Watch Restaurant Group has a one year low of $12.90 and a one year high of $25.98. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.57 and a quick ratio of 0.52.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its quarterly earnings data 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 business 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 2.51% and a return on equity of 4.24%. The business's revenue was up 14.8% compared to the same quarter last year. During the same period last year, the company posted $0.09 earnings per share. Research analysts anticipate that First Watch Restaurant Group will post 0.33 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in First Watch Restaurant Group by 18.8% during the first quarter. Vanguard Group Inc. now owns 1,611,452 shares of the company's stock worth $39,674,000 after acquiring an additional 255,307 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of First Watch Restaurant Group by 15.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,385,972 shares of the company's stock worth $24,338,000 after purchasing an additional 189,740 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of First Watch Restaurant Group by 26.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,340,819 shares of the company's stock valued at $23,545,000 after purchasing an additional 281,056 shares in the last quarter. Deepwater Asset Management LLC lifted its stake in shares of First Watch Restaurant Group by 15.4% in the 3rd quarter. Deepwater Asset Management LLC now owns 802,625 shares of the company's stock valued at $12,521,000 after purchasing an additional 106,976 shares during the period. Finally, Capital Research Global Investors boosted its holdings in First Watch Restaurant Group by 17.1% during the first quarter. Capital Research Global Investors now owns 776,545 shares of the company's stock worth $19,119,000 after buying an additional 113,555 shares in the last quarter. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

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.