Guggenheim Issues Pessimistic Forecast for First Watch Restaurant Group (NASDAQ:FWRG) Stock Price

First Watch Restaurant Group (NASDAQ:FWRG) had its target price decreased by Guggenheim from $23.00 to $22.00 in a report released on Thursday morning,Benzinga reports. Guggenheim currently has a buy rating on the stock.

A number of other research firms have also recently commented on FWRG. Bank of America increased their target price on First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, March 12th. Piper Sandler lowered their price objective on shares of First Watch Restaurant Group from $23.00 to $20.00 and set an “overweight” rating on the stock in a research note on Wednesday. Benchmark lowered 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. Raymond James reissued a “strong-buy” rating and set a $21.00 target price (down previously from $25.00) on shares of First Watch Restaurant Group in a research note on Wednesday. Finally, Stephens dropped their price target on First Watch Restaurant Group from $24.00 to $23.00 and set an “overweight” rating for the company in a research note on Wednesday. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $21.36.

First Watch Restaurant Group Stock Down 1.4 %

FWRG opened at $15.77 on Thursday. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. First Watch Restaurant Group has a 12 month low of $12.90 and a 12 month high of $22.71. The company has a market cap of $961.86 million, a P/E ratio of 47.79, a P/E/G ratio of 3.38 and a beta of 1.01. The business’s 50-day moving average price is $17.61 and its 200-day moving average price is $18.74.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings data 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). The firm had revenue of $282.24 million for the quarter, compared to the consensus estimate of $282.98 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The business’s revenue was up 16.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.12 earnings per share. On average, equities analysts expect that First Watch Restaurant Group will post 0.32 EPS for the current year.

Insider Transactions at First Watch Restaurant Group

In related news, CEO Christopher Anthony Tomasso sold 42,039 shares of the stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total transaction of $706,675.59. Following the completion of the sale, the chief executive officer now owns 389,832 shares in the company, valued at $6,553,075.92. This represents a 9.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $96,539.83. Following the completion of the transaction, the insider now owns 37,768 shares of the company’s stock, valued at $634,880.08. The trade was a 13.20 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of FWRG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of First Watch Restaurant Group by 3.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,269 shares of the company’s stock valued at $321,000 after purchasing an additional 613 shares in the last quarter. PNC Financial Services Group Inc. grew its position in First Watch Restaurant Group by 4.4% during the first quarter. PNC Financial Services Group Inc. now owns 16,943 shares of the company’s stock valued at $282,000 after purchasing an additional 708 shares in the last quarter. Assetmark Inc. lifted its holdings in First Watch Restaurant Group by 68.7% in the 4th quarter. Assetmark Inc. now owns 2,455 shares of the company’s stock worth $46,000 after purchasing an additional 1,000 shares during the last quarter. Mariner LLC raised its stake in First Watch Restaurant Group by 5.1% during the 4th quarter. Mariner LLC now owns 21,446 shares of the company’s stock valued at $399,000 after purchasing an additional 1,033 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in First Watch Restaurant Group by 2.7% in the 4th quarter. Bank of New York Mellon Corp now owns 78,621 shares of the company’s stock valued at $1,463,000 after buying an additional 2,033 shares during the period. Hedge funds and other institutional investors own 96.11% of the company’s stock.

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.