Barclays Issues Positive Forecast for First Watch Restaurant Group (NASDAQ:FWRG) Stock Price

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) had its price target raised by equities researchers at Barclays from $20.00 to $21.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Barclays's price target would suggest a potential upside of 24.70% from the stock's current price.

FWRG has been the topic of a number of other research reports. Guggenheim cut 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. Benchmark cut their price objective on First Watch Restaurant Group from $26.00 to $22.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Raymond James Financial reiterated a "strong-buy" rating and issued a $21.00 target price (down previously from $25.00) on shares of First Watch Restaurant Group in a research note on Wednesday, May 7th. TD Securities reissued a "buy" rating and set a $19.00 target price on shares of First Watch Restaurant Group in a research note on Wednesday, June 4th. Finally, Piper Sandler cut 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 report on Wednesday, May 7th. Eight research 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 0.7%

FWRG traded down $0.12 during trading on Thursday, reaching $16.84. The company had a trading volume of 386,009 shares, compared to its average volume of 735,350. 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 business has a 50 day simple moving average of $16.25 and a 200-day simple moving average of $17.93. The stock has a market cap of $1.03 billion, a P/E ratio of 99.06, a PEG ratio of 4.84 and a beta of 0.90. First Watch Restaurant Group has a 52 week low of $12.90 and a 52 week high of $22.71.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released 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 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 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 quarter last year, the business posted $0.12 EPS. On average, equities analysts anticipate that First Watch Restaurant Group will post 0.32 EPS for the current fiscal year.

Insider Buying and Selling

In other 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 shares were sold at an average price of $14.70, for a total value of $66,150,000.00. Following the completion of the sale, the insider owned 14,689,784 shares of the company's stock, valued at approximately $215,939,824.80. This represents a 23.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 6.00% of the company's stock.

Institutional Trading of First Watch Restaurant Group

A number of institutional investors have recently modified their holdings of FWRG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in First Watch Restaurant Group by 3.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,269 shares of the company's stock worth $321,000 after buying an additional 613 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in First Watch Restaurant Group by 4.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 16,943 shares of the company's stock worth $282,000 after buying an additional 708 shares during the period. Mariner LLC raised its position in First Watch Restaurant Group by 5.1% during the 4th quarter. Mariner LLC now owns 21,446 shares of the company's stock worth $399,000 after buying an additional 1,033 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of First Watch Restaurant Group by 8,815.8% during the second quarter. Fifth Third Bancorp now owns 1,694 shares of the company's stock worth $27,000 after purchasing an additional 1,675 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in First Watch Restaurant Group by 2.7% during the fourth quarter. Bank of New York Mellon Corp now owns 78,621 shares of the company's stock valued at $1,463,000 after purchasing an additional 2,033 shares during the period. 96.11% of the stock is currently owned by institutional investors.

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.