Barclays Lowers First Watch Restaurant Group (NASDAQ:FWRG) Price Target to $18.00

First Watch Restaurant Group (NASDAQ:FWRG) had its target price lowered by equities researchers at Barclays from $21.00 to $18.00 in a report released on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price objective points to a potential upside of 6.82% from the stock’s current price.

FWRG has been the subject of a number of other reports. Benchmark reaffirmed a “buy” rating and set a $23.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Guggenheim reduced their price objective on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, October 4th. Stephens began coverage on shares of First Watch Restaurant Group in a research report on Thursday, October 17th. They set an “overweight” rating and a $20.00 price objective for the company. Bank of America reduced their price objective on shares of First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Finally, TD Cowen reaffirmed a “hold” rating and set a $18.00 price objective on shares of First Watch Restaurant Group in a research report on Thursday, September 12th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, First Watch Restaurant Group has a consensus rating of “Moderate Buy” and a consensus price target of $22.00.

First Watch Restaurant Group Price Performance

Shares of FWRG opened at $16.85 on Tuesday. The company has a market cap of $1.02 billion, a price-to-earnings ratio of 44.34, a PEG ratio of 2.09 and a beta of 0.87. First Watch Restaurant Group has a 1-year low of $12.90 and a 1-year high of $25.98. The company’s fifty day simple moving average is $15.67 and its 200 day simple moving average is $17.78. The company has a current ratio of 0.57, a quick ratio of 0.52 and a debt-to-equity ratio of 0.33.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its earnings results on Tuesday, August 6th. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. The business had revenue of $258.60 million for the quarter, compared to the consensus estimate of $257.65 million. First Watch Restaurant Group had a net margin of 2.51% and a return on equity of 4.24%. The firm’s revenue for the quarter was up 19.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.13 earnings per share. On average, research analysts forecast that First Watch Restaurant Group will post 0.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Watch Restaurant Group

Institutional investors have recently modified their holdings of the business. 1832 Asset Management L.P. bought a new stake in First Watch Restaurant Group during the first quarter worth about $3,333,000. Nicholas Investment Partners LP bought a new stake in First Watch Restaurant Group during the second quarter worth about $3,391,000. Deepwater Asset Management LLC lifted its position in First Watch Restaurant Group by 68.5% during the second quarter. Deepwater Asset Management LLC now owns 695,649 shares of the company’s stock worth $12,216,000 after purchasing an additional 282,765 shares during the period. Primoris Wealth Advisors LLC bought a new stake in First Watch Restaurant Group during the first quarter worth about $1,788,000. Finally, California State Teachers Retirement System lifted its position in First Watch Restaurant Group by 15.6% during the first quarter. California State Teachers Retirement System now owns 31,822 shares of the company’s stock worth $783,000 after purchasing an additional 4,294 shares during the period. 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.