First Watch Restaurant Group (NASDAQ:FWRG) Coverage Initiated at Stephens

Investment analysts at Stephens started coverage on shares of First Watch Restaurant Group (NASDAQ:FWRG) in a research report issued on Thursday, Briefing.com reports. The brokerage set an “overweight” rating and a $20.00 price target on the stock. Stephens’ target price indicates a potential upside of 33.60% from the stock’s current price.

A number of other analysts also recently weighed in on the company. Benchmark reiterated a “buy” rating and set a $23.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday. TD Cowen reiterated a “hold” rating and set a $18.00 target price on shares of First Watch Restaurant Group in a research report on Thursday, September 12th. Stifel Nicolaus cut their target price on First Watch Restaurant Group from $22.00 to $18.00 and set a “hold” rating for the company in a research report on Tuesday, July 2nd. Barclays cut their target price on First Watch Restaurant Group from $27.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Finally, Guggenheim cut their target price on 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 research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.33.

First Watch Restaurant Group Stock Performance

Shares of NASDAQ FWRG opened at $14.97 on Thursday. 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 12 month low of $12.90 and a 12 month high of $25.98. The stock has a 50 day moving average of $15.62 and a 200-day moving average of $18.01. The company has a market capitalization of $903.78 million, a P/E ratio of 39.39, a P/E/G ratio of 2.09 and a beta of 0.87.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its earnings results on Tuesday, August 6th. The company reported $0.14 EPS for the quarter, topping the consensus estimate 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 firm’s revenue for the quarter was up 19.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.13 EPS. As a group, equities research analysts predict that First Watch Restaurant Group will post 0.34 EPS for the current year.

Institutional Trading of First Watch Restaurant Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Wellington Management Group LLP raised its position in First Watch Restaurant Group by 5.8% in the fourth quarter. Wellington Management Group LLP now owns 401,062 shares of the company’s stock valued at $8,061,000 after purchasing an additional 22,024 shares during the last quarter. Sunbelt Securities Inc. acquired a new stake in shares of First Watch Restaurant Group in the first quarter valued at about $65,000. LVW Advisors LLC acquired a new stake in First Watch Restaurant Group during the first quarter worth approximately $227,000. Deepwater Asset Management LLC grew its stake in First Watch Restaurant Group by 275.3% during the first quarter. Deepwater Asset Management LLC now owns 412,884 shares of the company’s stock worth $10,165,000 after purchasing an additional 302,878 shares during the period. Finally, Capstone Investment Advisors LLC acquired a new stake in First Watch Restaurant Group during the first quarter worth approximately $926,000. 96.11% of the stock is currently owned by 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.