First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Receives $23.30 Average Target Price from Brokerages

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) has received a consensus recommendation of “Moderate Buy” from the ten analysts that are currently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $23.30.

Several brokerages recently issued reports on FWRG. Raymond James upped their target price on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the stock a “strong-buy” rating in a research report on Friday, November 8th. Benchmark reiterated a “buy” rating and issued a $23.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, October 16th. TD Cowen raised their price objective on First Watch Restaurant Group from $18.00 to $21.00 and gave the company a “hold” rating in a report on Friday, November 8th. Stephens upped their target price on First Watch Restaurant Group from $20.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Finally, Piper Sandler increased their price target on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, November 11th.

Insider Activity

In other news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $19.76, for a total transaction of $158,080,000.00. Following the completion of the transaction, the insider now directly owns 19,189,784 shares of the company’s stock, valued at approximately $379,190,131.84. This represents a 29.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FWRG. Mutual of America Capital Management LLC purchased a new stake in First Watch Restaurant Group in the 3rd quarter worth approximately $5,757,000. ArrowMark Colorado Holdings LLC purchased a new stake in First Watch Restaurant Group in the third quarter worth $5,120,000. Point72 Asset Management L.P. bought a new stake in First Watch Restaurant Group in the third quarter valued at $4,719,000. Deepwater Asset Management LLC increased its position in First Watch Restaurant Group by 68.5% during the 2nd quarter. Deepwater Asset Management LLC now owns 695,649 shares of the company’s stock valued at $12,216,000 after purchasing an additional 282,765 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in First Watch Restaurant Group by 26.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,340,819 shares of the company’s stock worth $23,545,000 after purchasing an additional 281,056 shares in the last quarter. Hedge funds and other institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Stock Performance

NASDAQ:FWRG opened at $18.89 on Friday. The stock has a market cap of $1.14 billion, a P/E ratio of 57.24, a PEG ratio of 5.48 and a beta of 0.85. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. The business’s 50-day moving average price is $16.72 and its two-hundred day moving average price is $16.92. First Watch Restaurant Group has a twelve month low of $12.90 and a twelve month high of $25.98.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its earnings results on Thursday, November 7th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.02). The company had revenue of $251.61 million for the quarter, compared to the consensus estimate of $256.17 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The company’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.09 earnings per share. As a group, equities analysts predict that First Watch Restaurant Group will post 0.31 EPS for the current fiscal year.

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.