First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Expected to Rise, Benchmark Analyst Says

Key Points

• Benchmark increased its price target for First Watch Restaurant Group (NASDAQ:FWRG) from $22.00 to $24.00, indicating a potential upside of 28.38% from the current stock price.
• The company's latest quarterly earnings revealed a revenue of $307.89 million, exceeding expectations, despite missing earnings per share estimates.
• Insider transactions included a significant sale of 4.5 million shares by major shareholder Advent, which decreased their ownership stake by 23.45%.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) had its price target boosted by investment analysts at Benchmark from $22.00 to $24.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Benchmark's price target suggests a potential upside of 35.79% from the stock's previous close.

Several other research analysts have also commented on FWRG. Barclays raised their price target on First Watch Restaurant Group from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Guggenheim decreased their price target on First Watch Restaurant Group from $23.00 to $22.00 and set a "buy" rating for the company in a report on Thursday, May 8th. TD Securities restated a "buy" rating and issued a $19.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, June 4th. Raymond James Financial raised their price target on First Watch Restaurant Group from $21.00 to $22.00 and gave the stock a "strong-buy" rating in a research note on Thursday, July 17th. Finally, TD Cowen lifted their price objective on shares of First Watch Restaurant Group from $19.00 to $21.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Eight analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $21.09.

First Watch Restaurant Group Price Performance

Shares of NASDAQ:FWRG traded down $0.12 during trading on Wednesday, reaching $17.67. The stock had a trading volume of 184,693 shares, compared to its average volume of 843,349. The business has a fifty day moving average price of $16.58 and a 200-day moving average price of $17.78. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.27 and a current ratio of 0.27. The stock has a market cap of $1.08 billion, a PE ratio of 294.80, a PEG ratio of 5.01 and a beta of 0.91. First Watch Restaurant Group has a 1-year low of $12.90 and a 1-year high of $22.71.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.04). First Watch Restaurant Group had a net margin of 0.37% and a return on equity of 0.69%. The company had revenue of $307.89 million during the quarter, compared to analysts' expectations of $304.94 million. During the same quarter in the previous year, the company earned $0.14 earnings per share. The firm's quarterly revenue was up 19.1% compared to the same quarter last year. On average, equities analysts forecast that First Watch Restaurant Group will post 0.32 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder International L.P. Advent sold 4,500,000 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $14.70, for a total value of $66,150,000.00. Following the sale, the insider owned 14,689,784 shares in the company, valued at approximately $215,939,824.80. This represents a 23.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 6.00% of the company's stock.

Institutional Investors Weigh In On First Watch Restaurant Group

Several large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its holdings in shares of First Watch Restaurant Group by 4.2% in the 2nd quarter. Geode Capital Management LLC now owns 1,022,752 shares of the company's stock worth $16,407,000 after acquiring an additional 40,823 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of First Watch Restaurant Group by 30.3% in the second quarter. PNC Financial Services Group Inc. now owns 22,082 shares of the company's stock worth $354,000 after purchasing an additional 5,139 shares in the last quarter. Wealth Alliance LLC bought a new stake in shares of First Watch Restaurant Group during the 2nd quarter worth about $162,000. First Horizon Advisors Inc. raised its holdings in First Watch Restaurant Group by 207.6% during the second quarter. First Horizon Advisors Inc. now owns 1,950 shares of the company's stock worth $31,000 after purchasing an additional 1,316 shares in the last quarter. Finally, Versor Investments LP bought a new position in First Watch Restaurant Group during the second quarter valued at about $757,000. 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.