Brokerages Set First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Price Target at $26.00

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) have been assigned a consensus recommendation of “Moderate Buy” from the six ratings firms that are presently covering the company, MarketBeat reports. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $26.00.

Several equities research analysts recently commented on the company. Citigroup boosted their target price on First Watch Restaurant Group from $24.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Barclays upped their price target on First Watch Restaurant Group from $23.00 to $29.00 and gave the company an “overweight” rating in a report on Wednesday, March 6th. TD Cowen reaffirmed a “hold” rating and issued a $26.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, April 10th. Stifel Nicolaus upped their price target on First Watch Restaurant Group from $20.00 to $22.00 and gave the company a “hold” rating in a report on Wednesday, March 6th. Finally, Raymond James upped their price target on First Watch Restaurant Group from $23.00 to $25.00 and gave the company a “strong-buy” rating in a report on Thursday, January 25th.

First Watch Restaurant Group Price Performance

Shares of NASDAQ:FWRG opened at $22.05 on Friday. First Watch Restaurant Group has a 12 month low of $14.34 and a 12 month high of $25.88. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of 53.78, a PEG ratio of 2.11 and a beta of 1.11. The stock’s 50 day moving average price is $24.02 and its 200 day moving average price is $20.59. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.62 and a quick ratio of 0.57.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its earnings results on Tuesday, March 5th. The company reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. First Watch Restaurant Group had a return on equity of 4.62% and a net margin of 2.85%. The firm had revenue of $244.60 million for the quarter, compared to analysts’ expectations of $237.20 million. During the same quarter in the previous year, the company earned ($0.01) earnings per share. The firm’s quarterly revenue was up 31.7% compared to the same quarter last year. Equities research analysts anticipate that First Watch Restaurant Group will post 0.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Eric Richard Hartman sold 1,474 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $25.03, for a total value of $36,894.22. Following the completion of the sale, the insider now directly owns 51,417 shares of the company’s stock, valued at approximately $1,286,967.51. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Eric Richard Hartman sold 1,474 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $25.03, for a total value of $36,894.22. Following the completion of the sale, the insider now directly owns 51,417 shares of the company’s stock, valued at approximately $1,286,967.51. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William A. Kussell sold 15,000 shares of the stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $20.53, for a total value of $307,950.00. Following the completion of the sale, the director now directly owns 20,795 shares of the company’s stock, valued at $426,921.35. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,091,741 shares of company stock valued at $170,160,841. Corporate insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of FWRG. Lord Abbett & CO. LLC increased its holdings in shares of First Watch Restaurant Group by 433.0% during the 3rd quarter. Lord Abbett & CO. LLC now owns 668,159 shares of the company’s stock valued at $11,552,000 after acquiring an additional 542,800 shares during the last quarter. Invesco Ltd. acquired a new position in shares of First Watch Restaurant Group during the 3rd quarter valued at about $8,940,000. Gilder Gagnon Howe & Co. LLC acquired a new position in shares of First Watch Restaurant Group during the 1st quarter valued at about $5,901,000. Foxhaven Asset Management LP increased its holdings in shares of First Watch Restaurant Group by 44.3% during the 4th quarter. Foxhaven Asset Management LP now owns 1,046,362 shares of the company’s stock valued at $21,032,000 after acquiring an additional 321,375 shares during the last quarter. Finally, Neuberger Berman Group LLC increased its holdings in shares of First Watch Restaurant Group by 27.1% during the 1st quarter. Neuberger Berman Group LLC now owns 1,442,843 shares of the company’s stock valued at $18,829,000 after acquiring an additional 307,925 shares during the last quarter. 96.11% of the stock is owned by institutional investors and hedge funds.

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.