First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Stock Has Consensus Price Target of $18.56

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) has been given a consensus recommendation of “Moderate Buy” by the eleven ratings firms that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $18.33.

A number of brokerages recently issued reports on FWRG. Wall Street Zen upgraded shares of First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Citigroup decreased their target price on First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday, August 5th. Weiss Ratings upgraded shares of First Watch Restaurant Group from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday. Guggenheim cut their target price on First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Finally, Freedom Capital raised shares of First Watch Restaurant Group to a “strong-buy” rating in a research report on Wednesday, July 1st.

First Watch Restaurant Group Stock Performance

Shares of First Watch Restaurant Group stock opened at $10.57 on Wednesday. The company has a 50 day moving average of $11.81 and a 200-day moving average of $11.82. The company has a market cap of $652.27 million, a PE ratio of 36.45, a price-to-earnings-growth ratio of 17.05 and a beta of 1.05. First Watch Restaurant Group has a 1-year low of $9.88 and a 1-year high of $18.82. The company has a current ratio of 0.27, a quick ratio of 0.22 and a debt-to-equity ratio of 0.44.

First Watch Restaurant Group (NASDAQ:FWRG) last released its earnings results on Tuesday, August 4th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The business had revenue of $354.67 million during the quarter, compared to the consensus estimate of $351.57 million. First Watch Restaurant Group had a net margin of 1.35% and a return on equity of 2.85%. The business’s revenue was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.03 EPS. As a group, equities research analysts forecast that First Watch Restaurant Group will post 0.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of hedge funds and other institutional investors have recently modified their holdings of FWRG. BlackRock Inc. bought a new position in First Watch Restaurant Group in the 2nd quarter valued at $58,445,000. The Manufacturers Life Insurance Company purchased a new position in First Watch Restaurant Group in the 2nd quarter valued at approximately $49,291,000. Bank of New York Mellon Corp purchased a new position in shares of First Watch Restaurant Group in the second quarter valued at $47,938,000. Dimensional Fund Advisors LP grew its holdings in First Watch Restaurant Group by 19.7% during the 1st 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 in the last quarter. Finally, GW&K Investment Management LLC increased its holdings in First Watch Restaurant Group by 18.1% during the 4th quarter. GW&K Investment Management LLC now owns 2,032,631 shares of the company’s stock worth $30,653,000 after acquiring an additional 311,938 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 operates a chain of daytime restaurants specializing in breakfast, brunch and lunch. Its restaurants serve made-to-order meals prepared with fresh ingredients, including omelets, pancakes, avocado toast, salads, sandwiches and other contemporary daytime fare. The company also offers coffee, fresh juices and other beverages.

First Watch restaurants are designed around a daytime dining experience and generally operate during breakfast and lunch hours rather than offering dinner service.