First Watch Restaurant Group (NASDAQ:FWRG) Earns Overweight Rating from Analysts at Stephens

Analysts at Stephens began coverage on shares of First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) in a research note issued to investors on Thursday, MarketBeat reports. The firm set an "overweight" rating and a $20.00 price target on the stock. Stephens' target price indicates a potential upside of 20.92% from the company's previous close.

Several other equities research analysts also recently weighed in on FWRG. Stifel Nicolaus decreased their target price on shares of First Watch Restaurant Group from $22.00 to $18.00 and set a "hold" rating for the company in a research note on Tuesday, July 2nd. Benchmark reissued a "buy" rating and set a $23.00 price target on shares of First Watch Restaurant Group in a report on Wednesday. Bank of America cut their price target on shares of First Watch Restaurant Group from $29.00 to $24.00 and set a "buy" rating for the company in a report on Wednesday, July 17th. Guggenheim cut their price target on shares of 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. Finally, TD Cowen reissued a "hold" rating and set a $18.00 price target on shares of First Watch Restaurant Group in a report on Thursday, September 12th. Two investment 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 company's stock. According to data from MarketBeat.com, First Watch Restaurant Group has an average rating of "Moderate Buy" and a consensus price target of $22.33.

First Watch Restaurant Group Stock Performance

Shares of FWRG traded up $1.57 during mid-day trading on Thursday, hitting $16.54. 820,110 shares of the company's stock were exchanged, compared to its average volume of 576,961. First Watch Restaurant Group has a fifty-two week low of $12.90 and a fifty-two week high of $25.98. The firm has a market capitalization of $998.57 million, a P/E ratio of 43.53, a P/E/G ratio of 2.09 and a beta of 0.87. The business's 50 day moving average is $15.62 and its two-hundred day moving average is $18.01. 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 (NASDAQ:FWRG - Get Free Report) last announced its earnings results on Tuesday, August 6th. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.02. First Watch Restaurant Group had a net margin of 2.51% and a return on equity of 4.24%. The business had revenue of $258.60 million during the quarter, compared to the consensus estimate of $257.65 million. During the same quarter in the prior year, the firm earned $0.13 earnings per share. The business's quarterly revenue was up 19.6% compared to the same quarter last year. On average, equities analysts expect that First Watch Restaurant Group will post 0.34 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. 1832 Asset Management L.P. purchased a new position in First Watch Restaurant Group in the first quarter valued at about $3,333,000. Deepwater Asset Management LLC grew its position in shares of First Watch Restaurant Group by 68.5% in the second quarter. Deepwater Asset Management LLC now owns 695,649 shares of the company's stock valued at $12,216,000 after purchasing an additional 282,765 shares during the last quarter. Nicholas Investment Partners LP acquired a new stake in shares of First Watch Restaurant Group in the second quarter valued at approximately $3,391,000. Primoris Wealth Advisors LLC acquired a new stake in shares of First Watch Restaurant Group in the first quarter valued at approximately $1,788,000. Finally, California State Teachers Retirement System grew its position in shares of First Watch Restaurant Group by 15.6% in the first quarter. California State Teachers Retirement System now owns 31,822 shares of the company's stock valued at $783,000 after purchasing an additional 4,294 shares during the last quarter. 96.11% of the stock is owned by hedge funds and other 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.