First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Receives $21.36 Average Price Target from Analysts

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) have received a consensus recommendation of "Buy" from the nine analysts that are covering the firm, MarketBeat Ratings reports. Eight investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $21.36.

FWRG has been the topic of a number of research reports. Piper Sandler decreased their price target on shares of First Watch Restaurant Group from $23.00 to $20.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. Bank of America raised their price target on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the company a "buy" rating in a research note on Wednesday, March 12th. 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 research note 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 on the stock in a research note on Tuesday, April 1st. Finally, Benchmark decreased 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.

Insider Activity at First Watch Restaurant Group

In other news, major shareholder International L.P. Advent sold 4,500,000 shares of First Watch Restaurant Group stock in a transaction that occurred on 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 sale, the insider owned 14,689,784 shares of the company's stock, valued at approximately $215,939,824.80. The trade was a 23.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 6.00% of the company's stock.

Institutional Trading of First Watch Restaurant Group

Several institutional investors have recently made changes to their positions in the company. Moody National Bank Trust Division raised its position in shares of First Watch Restaurant Group by 6.3% during the 2nd quarter. Moody National Bank Trust Division now owns 119,972 shares of the company's stock valued at $1,924,000 after buying an additional 7,140 shares during the period. Harbor Capital Advisors Inc. raised its position in shares of First Watch Restaurant Group by 74.1% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 12,667 shares of the company's stock valued at $203,000 after buying an additional 5,393 shares during the period. Wesbanco Bank Inc. raised its position in shares of First Watch Restaurant Group by 16.0% during the 2nd quarter. Wesbanco Bank Inc. now owns 79,699 shares of the company's stock valued at $1,278,000 after buying an additional 11,000 shares during the period. Rhumbline Advisers increased its holdings in First Watch Restaurant Group by 12.9% in the 1st quarter. Rhumbline Advisers now owns 50,677 shares of the company's stock valued at $844,000 after purchasing an additional 5,779 shares during the last quarter. Finally, Vancity Investment Management Ltd acquired a new stake in First Watch Restaurant Group in the 1st quarter valued at approximately $758,000. Hedge funds and other institutional investors own 96.11% of the company's stock.

First Watch Restaurant Group Price Performance

Shares of NASDAQ:FWRG traded down $0.13 during trading on Monday, reaching $17.79. 526,474 shares of the company's stock traded hands, compared to its average volume of 737,443. First Watch Restaurant Group has a fifty-two week low of $12.90 and a fifty-two week high of $22.71. The company has a quick ratio of 0.27, a current ratio of 0.31 and a debt-to-equity ratio of 0.32. The firm has a market cap of $1.09 billion, a PE ratio of 104.65, a P/E/G ratio of 5.10 and a beta of 0.90. The company has a 50-day simple moving average of $16.24 and a 200-day simple moving average of $18.00.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.01) earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.05). The company had revenue of $282.24 million during the quarter, compared to analysts' expectations of $282.98 million. First Watch Restaurant Group had a net margin of 1.03% and a return on equity of 1.84%. The company's quarterly revenue was up 16.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.12 earnings per share. As a group, analysts predict that First Watch Restaurant Group will post 0.32 earnings per share 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.