First Watch Restaurant Group's (FWRG) Buy Rating Reiterated at Benchmark

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at Benchmark in a report released on Wednesday, Benzinga reports. They presently have a $23.00 price target on the stock. Benchmark's price target would indicate a potential upside of 53.64% from the company's current price.

A number of other equities analysts have also recently issued reports on the stock. Guggenheim dropped 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 note on Friday, October 4th. TD Cowen reissued a "hold" rating and issued a $18.00 price target on shares of First Watch Restaurant Group in a research report on Thursday, September 12th. Stifel Nicolaus cut their price target 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. Barclays lowered their price objective on First Watch Restaurant Group from $27.00 to $21.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 7th. Finally, Bank of America cut their target price on First Watch Restaurant Group from $29.00 to $24.00 and set a "buy" rating for the company in a research report on Wednesday, July 17th. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $22.63.

First Watch Restaurant Group Stock Performance

Shares of NASDAQ FWRG traded up $0.20 during mid-day trading on Wednesday, hitting $14.97. The company had a trading volume of 338,494 shares, compared to its average volume of 575,744. First Watch Restaurant Group has a 12 month low of $12.90 and a 12 month high of $25.98. The firm has a market cap of $903.78 million, a P/E ratio of 39.39, a PEG ratio of 2.09 and a beta of 0.87. The business's 50-day simple moving average is $15.62 and its 200-day simple moving average is $18.01. 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 announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.14 EPS for the quarter, topping analysts' consensus estimates of $0.12 by $0.02. The company had revenue of $258.60 million during the quarter, compared to the consensus estimate of $257.65 million. First Watch Restaurant Group had a return on equity of 4.24% and a net margin of 2.51%. The company's quarterly revenue was up 19.6% on a year-over-year basis. During the same quarter last year, the company earned $0.13 EPS. As a group, analysts predict that First Watch Restaurant Group will post 0.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Watch Restaurant Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Diversified Trust Co grew its holdings in shares of First Watch Restaurant Group by 9.8% during the third quarter. Diversified Trust Co now owns 15,750 shares of the company's stock worth $246,000 after purchasing an additional 1,400 shares during the last quarter. Sei Investments Co. grew its holdings in First Watch Restaurant Group by 6.5% during the 1st quarter. Sei Investments Co. now owns 29,162 shares of the company's stock worth $718,000 after acquiring an additional 1,783 shares during the last quarter. iA Global Asset Management Inc. increased its position in First Watch Restaurant Group by 10.9% in the 2nd quarter. iA Global Asset Management Inc. now owns 19,898 shares of the company's stock valued at $349,000 after acquiring an additional 1,948 shares in the last quarter. Quent Capital LLC raised its stake in shares of First Watch Restaurant Group by 28.6% in the second quarter. Quent Capital LLC now owns 9,000 shares of the company's stock worth $158,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Sunbelt Securities Inc. acquired a new position in shares of First Watch Restaurant Group during the first quarter worth approximately $65,000. 96.11% of the stock is owned by institutional investors and hedge funds.

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.