Barclays Trims First Watch Restaurant Group (NASDAQ:FWRG) Target Price to $27.00

First Watch Restaurant Group (NASDAQ:FWRG) had its price target reduced by Barclays from $29.00 to $27.00 in a research report sent to investors on Wednesday, Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other analysts have also issued reports on the stock. TD Cowen reissued a hold rating and set a $26.00 target price on shares of First Watch Restaurant Group in a research note on Wednesday, April 10th. Raymond James upped their target price on shares of First Watch Restaurant Group from $23.00 to $25.00 and gave the stock a strong-buy rating in a research note on Thursday, January 25th. Citigroup lifted their price target on shares of First Watch Restaurant Group from $24.00 to $32.00 and gave the company a buy rating in a research note on Wednesday, March 6th. Finally, Stifel Nicolaus raised their price objective on First Watch Restaurant Group from $20.00 to $22.00 and gave the stock a hold rating in a report on Wednesday, March 6th. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, First Watch Restaurant Group presently has an average rating of Moderate Buy and an average target price of $25.50.

First Watch Restaurant Group Price Performance

Shares of First Watch Restaurant Group stock traded down $0.52 on Wednesday, hitting $21.33. 87,349 shares of the company traded hands, compared to its average volume of 508,408. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.57 and a current ratio of 0.62. The business has a 50-day simple moving average of $23.87 and a 200 day simple moving average of $21.26. First Watch Restaurant Group has a 52 week low of $15.67 and a 52 week high of $25.98. The stock has a market capitalization of $1.29 billion, a P/E ratio of 53.29, a price-to-earnings-growth ratio of 2.35 and a beta of 1.07.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.02. First Watch Restaurant Group had a return on equity of 4.62% and a net margin of 2.85%. The business had revenue of $242.40 million for the quarter, compared to analysts’ expectations of $245.03 million. During the same period in the prior year, the firm earned $0.15 EPS. The company’s revenue for the quarter was up 14.7% on a year-over-year basis. Research analysts expect that First Watch Restaurant Group will post 0.45 earnings per share for the current fiscal year.

Insider Activity at First Watch Restaurant Group

In other First Watch Restaurant Group news, Director William A. Kussell sold 8,386 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $22.10, for a total value of $185,330.60. Following the transaction, the director now directly owns 12,409 shares in the company, valued at approximately $274,238.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other First Watch Restaurant Group news, Director William A. Kussell sold 8,386 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $22.10, for a total transaction of $185,330.60. Following the completion of the transaction, the director now owns 12,409 shares in the company, valued at approximately $274,238.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Eric Richard Hartman sold 1,474 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $25.03, for a total value of $36,894.22. Following the transaction, the insider now directly owns 51,417 shares of the company’s stock, valued at $1,286,967.51. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,085,127 shares of company stock valued at $170,038,222. 5.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FWRG. Brown Advisory Inc. raised its holdings in First Watch Restaurant Group by 0.4% in the 4th quarter. Brown Advisory Inc. now owns 1,478,407 shares of the company’s stock valued at $29,716,000 after acquiring an additional 6,494 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in First Watch Restaurant Group by 14.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,408,454 shares of the company’s stock worth $28,310,000 after buying an additional 175,074 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of First Watch Restaurant Group by 25.1% in the 3rd quarter. Vanguard Group Inc. now owns 1,311,905 shares of the company’s stock worth $22,683,000 after acquiring an additional 263,101 shares during the period. The Manufacturers Life Insurance Company boosted its stake in First Watch Restaurant Group by 0.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,233,380 shares of the company’s stock valued at $21,325,000 after purchasing an additional 5,889 shares during the period. Finally, Gilder Gagnon Howe & Co. LLC grew its holdings in First Watch Restaurant Group by 9.6% during the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 1,074,612 shares of the company’s stock worth $21,600,000 after acquiring an additional 93,931 shares during the period. Institutional investors and hedge funds 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.