First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Receives $23.30 Consensus Target Price from Analysts

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) have earned a consensus rating of “Moderate Buy” from the ten brokerages that are covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $23.30.

FWRG has been the topic of a number of recent analyst reports. Barclays boosted their price target on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Piper Sandler increased their target price on First Watch Restaurant Group from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Guggenheim decreased 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. Stephens increased their price objective on First Watch Restaurant Group from $20.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Finally, Raymond James raised their price objective on First Watch Restaurant Group from $22.00 to $25.00 and gave the stock a “strong-buy” rating in a research report on Friday, November 8th.

Insider Activity

In related news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $19.76, for a total transaction of $158,080,000.00. Following the transaction, the insider now owns 19,189,784 shares of the company’s stock, valued at approximately $379,190,131.84. This trade represents a 29.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.00% of the stock is owned by corporate insiders.

Institutional Trading of First Watch Restaurant Group

Several large investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company lifted its stake in shares of First Watch Restaurant Group by 14.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,533,290 shares of the company’s stock valued at $23,919,000 after purchasing an additional 192,471 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of First Watch Restaurant Group by 15.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,385,972 shares of the company’s stock worth $24,338,000 after buying an additional 189,740 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of First Watch Restaurant Group by 14.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,114,974 shares of the company’s stock worth $16,022,000 after acquiring an additional 136,871 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of First Watch Restaurant Group by 7.9% during the 3rd quarter. Wellington Management Group LLP now owns 813,670 shares of the company’s stock valued at $12,693,000 after acquiring an additional 59,508 shares during the last quarter. Finally, Deepwater Asset Management LLC increased its holdings in shares of First Watch Restaurant Group by 15.4% during the 3rd quarter. Deepwater Asset Management LLC now owns 802,625 shares of the company’s stock valued at $12,521,000 after acquiring an additional 106,976 shares during the last quarter. 96.11% of the stock is owned by institutional investors.

First Watch Restaurant Group Stock Performance

FWRG opened at $19.28 on Thursday. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. The firm has a market cap of $1.17 billion, a PE ratio of 58.43, a P/E/G ratio of 5.77 and a beta of 0.89. The business has a fifty day simple moving average of $18.47 and a 200-day simple moving average of $16.90. First Watch Restaurant Group has a fifty-two week low of $12.90 and a fifty-two week high of $25.98.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The company had revenue of $251.61 million during the quarter, compared to analysts’ expectations of $256.17 million. During the same period in the prior year, the business posted $0.09 EPS. The company’s revenue for the quarter was up 14.8% compared to the same quarter last year. As a group, equities analysts predict that First Watch Restaurant Group will post 0.31 EPS for the current fiscal year.

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.