First Watch Restaurant Group (NASDAQ:FWRG) Given New $21.00 Price Target at Bank of America

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) had its target price decreased by equities researchers at Bank of America from $23.00 to $21.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Bank of America's price target suggests a potential upside of 25.91% from the company's previous close.

FWRG has been the subject of a number of other reports. Piper Sandler dropped their price objective on First Watch Restaurant Group from $23.00 to $20.00 and set an "overweight" rating for the company in a research note on Wednesday, May 7th. TD Cowen raised First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 price objective for the company in a research note on Tuesday, April 1st. Guggenheim dropped their price objective on First Watch Restaurant Group from $23.00 to $22.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. TD Securities reaffirmed a "buy" rating and issued a $19.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, June 4th. Finally, Stifel Nicolaus set a $17.00 price objective on First Watch Restaurant Group in a research note on Wednesday, May 7th. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $20.91.

First Watch Restaurant Group Trading Down 1.7%

FWRG stock traded down $0.28 during midday trading on Friday, hitting $16.68. 31,559 shares of the company's stock were exchanged, compared to its average volume of 733,998. The business has a 50-day simple moving average of $16.25 and a two-hundred day simple moving average of $17.93. The company has a current ratio of 0.31, a quick ratio of 0.27 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $1.02 billion, a PE ratio of 98.21, a P/E/G ratio of 4.84 and a beta of 0.90. First Watch Restaurant Group has a 1-year low of $12.90 and a 1-year high of $22.71.

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

Insider Buying and Selling

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 that occurred on Tuesday, June 3rd. The stock was 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 directly owned 14,689,784 shares of the company's stock, valued at $215,939,824.80. This represents a 23.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 6.00% of the stock is currently owned by corporate insiders.

Institutional Trading of First Watch Restaurant Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. LVW Advisors LLC acquired a new stake in shares of First Watch Restaurant Group in the 2nd quarter worth approximately $173,000. Riverbridge Partners LLC acquired a new stake in shares of First Watch Restaurant Group in the 2nd quarter worth approximately $20,524,000. Accurate Wealth Management LLC grew its holdings in shares of First Watch Restaurant Group by 34.9% in the 2nd quarter. Accurate Wealth Management LLC now owns 66,618 shares of the company's stock worth $1,185,000 after acquiring an additional 17,249 shares during the period. Fifth Third Bancorp grew its holdings in shares of First Watch Restaurant Group by 8,815.8% in the 2nd quarter. Fifth Third Bancorp now owns 1,694 shares of the company's stock worth $27,000 after acquiring an additional 1,675 shares during the period. Finally, Moody National Bank Trust Division grew its holdings in shares of First Watch Restaurant Group by 6.3% in the 2nd quarter. Moody National Bank Trust Division now owns 119,972 shares of the company's stock worth $1,924,000 after acquiring an additional 7,140 shares during the period. 96.11% of the stock is owned by hedge funds and other institutional investors.

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.

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