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.

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) has received a consensus recommendation of "Buy" from the ten research firms that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $21.0909.

Several research firms have weighed in on FWRG. Benchmark increased their price objective on First Watch Restaurant Group from $22.00 to $24.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. TD Cowen increased their target price 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. Bank of America decreased their target price on First Watch Restaurant Group from $23.00 to $21.00 and set a "buy" rating for the company in a research report on Friday, July 18th. Barclays increased their target price 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. Finally, Guggenheim decreased their target price on First Watch Restaurant Group from $23.00 to $22.00 and set a "buy" rating for the company in a research report on Thursday, May 8th.

Insider Activity

In other news, major shareholder International L.P. Advent sold 5,000,000 shares of the stock in a transaction that occurred on 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 approximately $171,509,176.80. This represents a 34.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 6.00% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Squarepoint Ops LLC raised its position in shares of 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 acquiring an additional 59,381 shares in the last quarter. Tower Research Capital LLC TRC increased its position in 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 buying an additional 5,918 shares in the last quarter. Captrust Financial Advisors bought a new position in First Watch Restaurant Group during the 2nd quarter valued at approximately $545,000. Manatuck Hill Partners LLC bought a new position in First Watch Restaurant Group during the 2nd quarter valued at approximately $3,208,000. Finally, Lazard Asset Management LLC increased its position in 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 buying an additional 269,726 shares in the last quarter. Institutional investors own 96.11% of the company's stock.

First Watch Restaurant Group Trading Up 0.1%

NASDAQ FWRG traded up $0.01 on Tuesday, hitting $18.84. The company's stock had a trading volume of 507,086 shares, compared to its average volume of 1,361,804. First Watch Restaurant Group has a 52-week low of $12.90 and a 52-week high of $22.71. 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 company's 50-day simple moving average is $17.43 and its 200 day simple moving average is $17.49. The firm has a market cap of $1.15 billion, a P/E ratio of 314.05, a PEG ratio of 6.70 and a beta of 0.91.

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

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.