Brokerages Set First Watch Restaurant Group, Inc. (NASDAQ:FWRG) PT at $20.82

Key Points

• First Watch Restaurant Group, Inc. (NASDAQ:FWRG) has received a consensus rating of "Buy" from nine research firms, with an average price target of $20.82.
• The company's stock recently opened at $17.29, with a market cap of $1.05 billion and a price-to-earnings ratio of 101.71.
• In the latest quarter, First Watch reported a loss of ($0.01) earnings per share, missing consensus estimates, but revenue increased by 16.4% year-over-year.

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) has been assigned an average rating of "Buy" from the nine ratings firms that are currently covering the company, Marketbeat reports. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $20.8182.

A number of equities analysts have recently weighed in on the company. Raymond James Financial increased their price target on First Watch Restaurant Group from $21.00 to $22.00 and gave the stock a "strong-buy" rating in a report on Thursday, July 17th. 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 note on Thursday, July 17th. Guggenheim decreased their target price on First Watch Restaurant Group from $23.00 to $22.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Bank of America decreased their target price on First Watch Restaurant Group from $23.00 to $21.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Finally, Benchmark decreased their target price on 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 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 stock in a transaction dated Tuesday, June 3rd. The stock was 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 of the company's stock, valued at $215,939,824.80. This trade represents a 23.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Watch Restaurant Group

Hedge funds have recently bought and sold shares of the stock. Emerald Mutual Fund Advisers Trust acquired a new stake in shares of First Watch Restaurant Group during the 2nd quarter worth about $4,147,000. Arkadios Wealth Advisors raised its position in shares of First Watch Restaurant Group by 12.2% during the 2nd quarter. Arkadios Wealth Advisors now owns 76,861 shares of the company's stock worth $1,233,000 after acquiring an additional 8,358 shares in the last quarter. Emerald Advisers LLC acquired a new stake in shares of First Watch Restaurant Group during the 2nd quarter worth about $6,173,000. Oppenheimer Asset Management Inc. raised its position in shares of First Watch Restaurant Group by 76.1% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 22,959 shares of the company's stock worth $368,000 after acquiring an additional 9,920 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS raised its position in shares of First Watch Restaurant Group by 5.8% during the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 315,387 shares of the company's stock worth $5,059,000 after acquiring an additional 17,220 shares in the last quarter. Institutional investors and hedge funds own 96.11% of the company's stock.

First Watch Restaurant Group Trading Up 0.9%

Shares of NASDAQ FWRG traded up $0.16 during mid-day trading on Friday, reaching $16.94. 277,540 shares of the company's stock were exchanged, compared to its average volume of 790,527. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of 99.64, a PEG ratio of 4.73 and a beta of 0.91. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.27 and a current ratio of 0.31. First Watch Restaurant Group has a 52-week low of $12.90 and a 52-week high of $22.71. The company's 50-day moving average is $16.41 and its 200-day moving average is $17.78.

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 analysts' consensus estimates of $0.04 by ($0.05). The business had revenue of $282.24 million for the quarter, compared to analysts' expectations of $282.98 million. First Watch Restaurant Group had a return on equity of 1.84% and a net margin of 1.03%. The business's revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.12 earnings per share. Analysts expect that First Watch Restaurant Group will post 0.32 EPS for the current fiscal year.

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.