Analysts Set First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Price Target at $21.09

Key Points

• First Watch Restaurant Group, Inc. (NASDAQ:FWRG) has received an average broker rating of "Buy", with ten analysts covering the stock, which includes eight buy ratings and one strong buy rating.
• The company's stock price target has varied among analysts, with Benchmark raising it to $24.00, while Bank of America lowered it to $21.00.
• In terms of financial performance, First Watch reported a 19.1% year-over-year revenue increase in its last quarter, although it missed earnings estimates by $0.04 per share.

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) have earned a consensus rating of "Buy" from the ten research firms that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $21.0909.

A number of equities research analysts recently weighed in on FWRG shares. Barclays raised their target price on shares of First Watch Restaurant Group from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Bank of America cut their target price on shares of First Watch Restaurant Group from $23.00 to $21.00 and set a "buy" rating on the stock in a report on Friday, July 18th. Stephens raised their target price on shares of First Watch Restaurant Group from $23.00 to $24.00 and gave the stock an "overweight" rating in a report on Wednesday, August 6th. Zacks Research raised First Watch Restaurant Group to a "hold" rating in a research report on Friday, August 8th. Finally, TD Cowen lifted their price target on First Watch Restaurant Group from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th.

First Watch Restaurant Group Price Performance

Shares of First Watch Restaurant Group stock traded up $0.05 on Tuesday, reaching $18.88. The stock had a trading volume of 201,696 shares, compared to its average volume of 857,405. First Watch Restaurant Group has a 1 year low of $12.90 and a 1 year high of $22.71. The company has a market cap of $1.15 billion, a P/E ratio of 314.97, a price-to-earnings-growth ratio of 6.70 and a beta of 0.91. The company has a current ratio of 0.27, a quick ratio of 0.23 and a debt-to-equity ratio of 0.42. The business's 50 day moving average is $17.37 and its two-hundred day moving average is $17.52.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.03 earnings per share for the quarter, missing analysts' consensus estimates of $0.07 by ($0.04). The company had revenue of $307.89 million during the quarter, compared to analysts' expectations of $304.94 million. First Watch Restaurant Group had a net margin of 0.37% and a return on equity of 0.69%. The company's revenue for the quarter was up 19.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.14 earnings per share. First Watch Restaurant Group has set its FY 2025 guidance at EPS. As a group, research analysts anticipate that First Watch Restaurant Group will post 0.32 EPS for the current year.

Insider Activity

In other news, major shareholder International L.P. Advent sold 5,000,000 shares of First Watch Restaurant Group stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $17.70, for a total value of $88,500,000.00. Following the completion of the transaction, the insider owned 9,689,784 shares of the company's stock, valued at $171,509,176.80. The trade was a 34.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 6.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of hedge funds have recently bought and sold shares of the business. Squarepoint Ops LLC raised its position in First Watch Restaurant Group by 217.9% in the 2nd quarter. Squarepoint Ops LLC now owns 86,637 shares of the company's stock worth $1,390,000 after buying an additional 59,381 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of First Watch Restaurant Group by 435.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,277 shares of the company's stock valued at $117,000 after purchasing an additional 5,918 shares during the period. Captrust Financial Advisors bought a new stake in shares of First Watch Restaurant Group during the 2nd quarter valued at about $545,000. Manatuck Hill Partners LLC bought a new stake in shares of First Watch Restaurant Group during the 2nd quarter valued at about $3,208,000. Finally, Lazard Asset Management LLC grew its stake in shares of First Watch Restaurant Group by 13.4% during the 2nd quarter. Lazard Asset Management LLC now owns 2,281,137 shares of the company's stock valued at $36,589,000 after acquiring an additional 269,726 shares during the period. Hedge funds and other institutional investors own 96.11% of the company's stock.

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.