Brokerages Set First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Target Price at $21.36

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) has been assigned an average recommendation of "Buy" from the ten research firms that are currently covering the company, MarketBeat Ratings reports. One 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 1 year target price among analysts that have issued a report on the stock in the last year is $21.36.

Several analysts have weighed in on the company. Bank of America raised their price target on First Watch Restaurant Group from $27.00 to $28.00 and gave the company a "buy" rating in a report on Wednesday, March 12th. Benchmark lowered their target price on shares of First Watch Restaurant Group from $26.00 to $22.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Stifel Nicolaus set a $17.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, May 7th. 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, Stephens decreased their price target on shares of First Watch Restaurant Group from $24.00 to $23.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th.

Insider Transactions at First Watch Restaurant Group

In other First Watch Restaurant Group 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 transaction of $66,150,000.00. Following the completion of the sale, the insider now directly owns 14,689,784 shares in the company, valued at $215,939,824.80. This represents a 23.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 6.00% of the company's stock.

Institutional Investors Weigh In On First Watch Restaurant Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Assetmark Inc. increased its stake in First Watch Restaurant Group by 68.7% in the 4th quarter. Assetmark Inc. now owns 2,455 shares of the company's stock worth $46,000 after purchasing an additional 1,000 shares during the period. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of First Watch Restaurant Group during the fourth quarter valued at approximately $51,000. State of Wyoming grew its holdings in shares of First Watch Restaurant Group by 212.6% in the fourth quarter. State of Wyoming now owns 3,214 shares of the company's stock worth $60,000 after purchasing an additional 2,186 shares during the last quarter. Venturi Wealth Management LLC purchased a new position in shares of First Watch Restaurant Group in the fourth quarter worth $81,000. Finally, BNP Paribas Financial Markets purchased a new position in shares of First Watch Restaurant Group in the fourth quarter worth $86,000. Institutional investors own 96.11% of the company's stock.

First Watch Restaurant Group Price Performance

NASDAQ FWRG traded down $0.06 on Thursday, hitting $15.83. The stock had a trading volume of 362,346 shares, compared to its average volume of 739,413. The firm has a 50-day moving average of $17.03 and a 200-day moving average of $18.39. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54. First Watch Restaurant Group has a 52-week low of $12.90 and a 52-week high of $22.71. The company has a market capitalization of $965.52 million, a price-to-earnings ratio of 47.97, a price-to-earnings-growth ratio of 3.38 and a beta of 0.90.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.05). The firm had revenue of $282.24 million during the quarter, compared to the consensus estimate of $282.98 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The company's revenue for the quarter was up 16.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.12 EPS. Equities analysts expect that First Watch Restaurant Group will post 0.32 EPS for the current 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.