Raymond James Financial Raises First Watch Restaurant Group (NASDAQ:FWRG) Price Target to $22.00

First Watch Restaurant Group (NASDAQ:FWRG - Free Report) had its price target upped by Raymond James Financial from $21.00 to $22.00 in a research note issued to investors on Thursday,Benzinga reports. Raymond James Financial currently has a strong-buy rating on the stock.

Other analysts have also issued research reports about the company. TD Cowen raised First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 price target for the company in a report on Tuesday, April 1st. Benchmark cut their price target on First Watch Restaurant Group from $26.00 to $22.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Piper Sandler cut their price target on First Watch Restaurant Group from $23.00 to $20.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Stifel Nicolaus set a $17.00 price target on First Watch Restaurant Group in a report on Wednesday, May 7th. Finally, TD Securities restated a "buy" rating and issued a $19.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, June 4th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $20.91.

First Watch Restaurant Group Stock Down 0.7%

Shares of FWRG traded down $0.12 on Thursday, reaching $16.84. The stock had a trading volume of 386,009 shares, compared to its average volume of 737,887. The company has a 50-day simple moving average of $16.27 and a 200-day simple moving average of $17.91. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of 99.06, a price-to-earnings-growth ratio of 4.79 and a beta of 0.90. First Watch Restaurant Group has a 12-month low of $12.90 and a 12-month high of $22.71. 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 (NASDAQ:FWRG - Get Free Report) last posted 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). First Watch Restaurant Group had a return on equity of 1.84% and a net margin of 1.03%. The business had revenue of $282.24 million during the quarter, compared to analysts' expectations of $282.98 million. During the same quarter in the prior year, the firm earned $0.12 EPS. The firm's revenue for the quarter was up 16.4% compared to the same quarter last year. Sell-side analysts predict that First Watch Restaurant Group will post 0.32 EPS for the current year.

Insider Transactions at First Watch Restaurant Group

In related news, major shareholder International L.P. Advent sold 4,500,000 shares of the stock in a transaction that occurred on 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 transaction, the insider owned 14,689,784 shares of the company's stock, valued at $215,939,824.80. This represents a 23.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 6.00% of the stock is currently owned by company insiders.

Institutional Trading of First Watch Restaurant Group

A number of hedge funds have recently bought and sold shares of the stock. Champlain Investment Partners LLC lifted its holdings in shares of First Watch Restaurant Group by 59.0% during the 4th quarter. Champlain Investment Partners LLC now owns 2,582,303 shares of the company's stock valued at $48,057,000 after purchasing an additional 958,417 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of First Watch Restaurant Group by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 2,398,180 shares of the company's stock valued at $39,930,000 after purchasing an additional 46,566 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of First Watch Restaurant Group by 7.8% during the 4th quarter. JPMorgan Chase & Co. now owns 2,141,209 shares of the company's stock valued at $39,848,000 after purchasing an additional 154,784 shares during the last quarter. Lazard Asset Management LLC purchased a new position in First Watch Restaurant Group in the 4th quarter worth $39,095,000. Finally, 12 West Capital Management LP raised its stake in First Watch Restaurant Group by 20.2% in the 4th quarter. 12 West Capital Management LP now owns 2,013,406 shares of the company's stock worth $37,469,000 after acquiring an additional 337,920 shares during the last quarter. Hedge funds and other institutional investors own 96.11% of the company's stock.

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.