First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Receives $26.00 Average Target Price from Brokerages

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) have been assigned an average recommendation of “Moderate Buy” from the six brokerages that are covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $26.00.

FWRG has been the topic of a number of recent analyst reports. Stifel Nicolaus lifted their price objective on First Watch Restaurant Group from $20.00 to $22.00 and gave the stock a “hold” rating in a research note on Wednesday, March 6th. Raymond James boosted their price objective on First Watch Restaurant Group from $23.00 to $25.00 and gave the stock a “strong-buy” rating in a research report on Thursday, January 25th. TD Cowen reaffirmed a “hold” rating and set a $26.00 price target on shares of First Watch Restaurant Group in a research report on Wednesday, April 10th. Barclays increased their price objective on First Watch Restaurant Group from $23.00 to $29.00 and gave the stock an “overweight” rating in a report on Wednesday, March 6th. Finally, Citigroup upped their target price on First Watch Restaurant Group from $24.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th.

First Watch Restaurant Group Stock Performance

First Watch Restaurant Group stock opened at $22.30 on Friday. First Watch Restaurant Group has a 12-month low of $14.68 and a 12-month high of $25.88. The company has a quick ratio of 0.57, a current ratio of 0.62 and a debt-to-equity ratio of 0.21. The business’s 50-day moving average price is $23.98 and its two-hundred day moving average price is $20.63. The stock has a market cap of $1.35 billion, a PE ratio of 54.39, a P/E/G ratio of 2.05 and a beta of 1.11.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings results on Tuesday, March 5th. The company reported $0.04 EPS for the quarter, meeting analysts’ consensus estimates of $0.04. First Watch Restaurant Group had a return on equity of 4.62% and a net margin of 2.85%. The firm had revenue of $244.60 million for the quarter, compared to analyst estimates of $237.20 million. During the same period last year, the firm posted ($0.01) earnings per share. The business’s revenue for the quarter was up 31.7% on a year-over-year basis. As a group, analysts expect that First Watch Restaurant Group will post 0.46 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Christopher Anthony Tomasso sold 121,995 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $24.45, for a total transaction of $2,982,777.75. Following the transaction, the chief executive officer now directly owns 431,871 shares in the company, valued at approximately $10,559,245.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other First Watch Restaurant Group news, Director William A. Kussell sold 15,000 shares of First Watch Restaurant Group stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $20.53, for a total value of $307,950.00. Following the transaction, the director now directly owns 20,795 shares of the company’s stock, valued at approximately $426,921.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher Anthony Tomasso sold 121,995 shares of First Watch Restaurant Group stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $24.45, for a total value of $2,982,777.75. Following the completion of the transaction, the chief executive officer now directly owns 431,871 shares in the company, valued at $10,559,245.95. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,091,741 shares of company stock worth $170,160,841. 4.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Watch Restaurant Group

Large investors have recently bought and sold shares of the stock. Invesco Ltd. purchased a new position in First Watch Restaurant Group in the 3rd quarter worth approximately $8,940,000. Swiss National Bank grew its position in shares of First Watch Restaurant Group by 53.1% in the 3rd quarter. Swiss National Bank now owns 58,800 shares of the company’s stock worth $1,017,000 after buying an additional 20,400 shares during the last quarter. 12 West Capital Management LP bought a new stake in shares of First Watch Restaurant Group in the 3rd quarter worth approximately $3,717,000. New York State Common Retirement Fund grew its position in shares of First Watch Restaurant Group by 201.4% in the 3rd quarter. New York State Common Retirement Fund now owns 75,718 shares of the company’s stock worth $1,309,000 after buying an additional 50,599 shares during the last quarter. Finally, Barclays PLC grew its position in shares of First Watch Restaurant Group by 48.5% in the 3rd quarter. Barclays PLC now owns 32,264 shares of the company’s stock worth $557,000 after buying an additional 10,534 shares during the last quarter. 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.