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

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective hoisted by Guggenheim from $20.00 to $21.00 in a report released on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim‘s target price points to a potential upside of 56.95% from the company’s current price.

FWRG has been the topic of several other reports. DA Davidson decreased their price objective on shares of First Watch Restaurant Group from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, October 2nd. Weiss Ratings raised shares of First Watch Restaurant Group from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, October 29th. Stephens reiterated an “overweight” rating and set a $18.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday. Citigroup cut their price target on shares of First Watch Restaurant Group from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Wednesday, October 21st. Finally, Raymond James Financial cut their price target on shares of First Watch Restaurant Group from $20.00 to $18.00 and set a “strong-buy” rating for the company in a research note on Friday, October 16th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, First Watch Restaurant Group presently has a consensus rating of “Buy” and an average target price of $18.00.

First Watch Restaurant Group Price Performance

NASDAQ FWRG traded up $0.26 during trading on Friday, reaching $13.38. The company’s stock had a trading volume of 335,533 shares, compared to its average volume of 1,486,030. The stock has a market capitalization of $825.71 million, a PE ratio of 41.78, a P/E/G ratio of 60.98 and a beta of 1.00. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.25 and a quick ratio of 0.22. The firm has a fifty day moving average of $11.39 and a 200 day moving average of $12.40. First Watch Restaurant Group has a one year low of $9.88 and a one year high of $18.77.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.05. The firm had revenue of $349.86 million for the quarter, compared to analysts’ expectations of $348.99 million. First Watch Restaurant Group had a return on equity of 3.10% and a net margin of 1.45%. The company’s revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.05 EPS. Analysts expect that First Watch Restaurant Group will post 0.14 EPS for the current fiscal year.

Institutional Investors Weigh In On First Watch Restaurant Group

A number of hedge funds have recently made changes to their positions in FWRG. BlackRock Inc. purchased a new position in First Watch Restaurant Group in the 2nd quarter worth $58,445,000. Bank of New York Mellon Corp lifted its stake in First Watch Restaurant Group by 96.7% in the first quarter. Bank of New York Mellon Corp now owns 3,957,697 shares of the company’s stock worth $41,477,000 after purchasing an additional 1,946,084 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in First Watch Restaurant Group in the second quarter worth $49,291,000. Dimensional Fund Advisors LP boosted its position in First Watch Restaurant Group by 19.7% during the first quarter. Dimensional Fund Advisors LP now owns 3,084,886 shares of the company’s stock valued at $32,328,000 after buying an additional 508,704 shares during the period. Finally, Lazard Asset Management LLC boosted its position in First Watch Restaurant Group by 9.5% during the first quarter. Lazard Asset Management LLC now owns 1,780,839 shares of the company’s stock valued at $18,663,000 after buying an additional 154,018 shares during the period. 96.11% of the stock is currently owned by institutional investors.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc operates a daytime-focused restaurant concept serving breakfast, brunch and lunch. Its restaurants offer made-to-order meals such as omelets, pancakes, French toast, sandwiches, salads and bowls, along with fresh juices, coffee and other beverages. The company generally does not serve dinner, positioning its restaurants around the daytime dining occasion.

First Watch restaurants emphasize fresh preparation and seasonal menu offerings, including items made with eggs, fruits, vegetables and other ingredients prepared in the restaurant.