First Watch Restaurant Group (NASDAQ:FWRG) Price Target Cut to $24.00

First Watch Restaurant Group (NASDAQ:FWRG) had its target price lowered by Bank of America from $29.00 to $24.00 in a report issued on Wednesday morning, Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other research firms have also recently commented on FWRG. Barclays cut their price target on First Watch Restaurant Group from $29.00 to $27.00 and set an overweight rating for the company in a report on Wednesday, May 8th. Stifel Nicolaus lowered their price objective on First Watch Restaurant Group from $22.00 to $18.00 and set a hold rating for the company in a research report on Tuesday, July 2nd. Finally, TD Cowen lowered their price objective on First Watch Restaurant Group from $21.00 to $18.00 and set a hold rating for the company in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $24.00.

First Watch Restaurant Group Price Performance

NASDAQ:FWRG opened at $15.60 on Wednesday. First Watch Restaurant Group has a one year low of $15.10 and a one year high of $25.98. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.55 and a current ratio of 0.60. The stock has a market cap of $941.77 million, a PE ratio of 41.05, a P/E/G ratio of 2.16 and a beta of 0.88. The stock has a 50 day moving average price of $17.96 and a 200 day moving average price of $21.15.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.10 by $0.02. First Watch Restaurant Group had a return on equity of 4.15% and a net margin of 2.52%. The firm had revenue of $242.40 million during the quarter, compared to analysts’ expectations of $245.03 million. During the same quarter last year, the firm earned $0.15 earnings per share. The business’s revenue for the quarter was up 14.7% on a year-over-year basis. Equities research analysts expect that First Watch Restaurant Group will post 0.37 EPS for the current fiscal year.

Insider Transactions at First Watch Restaurant Group

In other news, Director William A. Kussell sold 8,386 shares of the firm’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $22.10, for a total transaction of $185,330.60. Following the completion of the transaction, the director now directly owns 12,409 shares in the company, valued at $274,238.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Gilder Gagnon Howe & Co. LLC boosted its position in shares of First Watch Restaurant Group by 9.6% during the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 1,074,612 shares of the company’s stock worth $21,600,000 after buying an additional 93,931 shares during the period. Stephens Investment Management Group LLC boosted its holdings in First Watch Restaurant Group by 16.5% in the fourth quarter. Stephens Investment Management Group LLC now owns 353,041 shares of the company’s stock valued at $7,096,000 after purchasing an additional 50,057 shares during the period. Deepwater Asset Management LLC boosted its holdings in First Watch Restaurant Group by 275.3% in the first quarter. Deepwater Asset Management LLC now owns 412,884 shares of the company’s stock valued at $10,165,000 after purchasing an additional 302,878 shares during the period. Primoris Wealth Advisors LLC purchased a new position in First Watch Restaurant Group in the first quarter valued at $1,788,000. Finally, Foxhaven Asset Management LP boosted its holdings in First Watch Restaurant Group by 44.3% in the fourth quarter. Foxhaven Asset Management LP now owns 1,046,362 shares of the company’s stock valued at $21,032,000 after purchasing an additional 321,375 shares during the period. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

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.