Barclays Increases First Watch Restaurant Group (NASDAQ:FWRG) Price Target to $24.00

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) had its target price upped by investment analysts at Barclays from $21.00 to $24.00 in a report released on Tuesday, MarketBeat.com reports. The brokerage presently has an "overweight" rating on the stock. Barclays's price target indicates a potential upside of 23.71% from the company's current price.

A number of other brokerages have also commented on FWRG. TD Securities raised First Watch Restaurant Group from a "hold" rating to a "buy" rating and lifted their price target for the company from $21.00 to $22.00 in a research note on Tuesday, April 1st. Bank of America lifted their target price on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a "buy" rating in a research report on Wednesday, March 12th. Stephens restated an "overweight" rating and issued a $24.00 price target on shares of First Watch Restaurant Group in a research report on Thursday, March 20th. TD Cowen raised shares of First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 price target for the company in a research note on Tuesday, April 1st. Finally, Benchmark restated a "buy" rating on shares of First Watch Restaurant Group in a report on Wednesday, March 12th. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $22.73.

First Watch Restaurant Group Price Performance

NASDAQ FWRG traded up $0.03 during trading on Tuesday, hitting $19.40. 927,345 shares of the company's stock were exchanged, compared to its average volume of 683,912. The company has a market cap of $1.18 billion, a PE ratio of 58.79, a P/E/G ratio of 3.38 and a beta of 1.02. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. First Watch Restaurant Group has a fifty-two week low of $12.90 and a fifty-two week high of $25.98. The stock's 50 day moving average price is $18.27 and its two-hundred day moving average price is $18.62.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last posted its earnings results on Tuesday, March 11th. The company reported $0.01 earnings per share for the quarter, missing analysts' consensus estimates of $0.02 by ($0.01). First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The company had revenue of $263.30 million for the quarter, compared to the consensus estimate of $262.82 million. During the same period in the previous year, the firm posted $0.04 EPS. The business's quarterly revenue was up 7.6% compared to the same quarter last year. Research analysts expect that First Watch Restaurant Group will post 0.32 EPS for the current year.

Insiders Place Their Bets

In related news, insider Jay Anthony Wolszczak sold 5,743 shares of the business's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total transaction of $96,539.83. Following the transaction, the insider now owns 37,768 shares in the company, valued at $634,880.08. The trade was a 13.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of the firm's stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total transaction of $706,675.59. Following the completion of the sale, the chief executive officer now owns 389,832 shares of the company's stock, valued at $6,553,075.92. The trade was a 9.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 6.00% of the company's stock.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System acquired a new position in First Watch Restaurant Group during the 4th quarter worth approximately $228,000. Barclays PLC increased its holdings in shares of First Watch Restaurant Group by 505.3% during the third quarter. Barclays PLC now owns 172,515 shares of the company's stock valued at $2,690,000 after acquiring an additional 144,014 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of First Watch Restaurant Group by 9.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 576,890 shares of the company's stock worth $10,736,000 after purchasing an additional 49,826 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of First Watch Restaurant Group by 22.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,986,425 shares of the company's stock worth $30,988,000 after purchasing an additional 366,227 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in First Watch Restaurant Group by 13.5% in the 3rd quarter. Geode Capital Management LLC now owns 769,608 shares of the company's stock valued at $12,008,000 after purchasing an additional 91,416 shares during the period. Institutional investors own 96.11% of the company's stock.

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.