Barclays Trims First Watch Restaurant Group (NASDAQ:FWRG) Target Price to $21.00

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective trimmed by Barclays from $27.00 to $21.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research analysts have also recently weighed in on FWRG. TD Cowen restated a hold rating and issued a $18.00 price target on shares of First Watch Restaurant Group in a research note on Wednesday. Bank of America dropped their price objective on shares of First Watch Restaurant Group from $29.00 to $24.00 and set a buy rating on the stock in a report on Wednesday, July 17th. Finally, Stifel Nicolaus cut their target price 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. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $23.00.

First Watch Restaurant Group Trading Up 5.1 %

Shares of NASDAQ FWRG traded up $0.80 during mid-day trading on Wednesday, hitting $16.62. The stock had a trading volume of 667,622 shares, compared to its average volume of 604,376. The firm has a market cap of $1.00 billion, a P/E ratio of 44.58, a price-to-earnings-growth ratio of 2.15 and a beta of 0.88. 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 business has a 50 day moving average price of $16.92 and a two-hundred day moving average price of $20.79. First Watch Restaurant Group has a 1 year low of $14.05 and a 1 year high of $25.98.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its earnings results on Tuesday, August 6th. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. First Watch Restaurant Group had a net margin of 2.52% and a return on equity of 4.15%. The business had revenue of $258.60 million during the quarter, compared to the consensus estimate of $257.65 million. During the same quarter last year, the firm earned $0.13 earnings per share. The business’s revenue for the quarter was up 19.6% on a year-over-year basis. On average, equities analysts anticipate that First Watch Restaurant Group will post 0.37 EPS for the current fiscal year.

Institutional Trading of First Watch Restaurant Group

A number of large investors have recently made changes to their positions in FWRG. Vanguard Group Inc. lifted its position in First Watch Restaurant Group by 18.8% in the first quarter. Vanguard Group Inc. now owns 1,611,452 shares of the company’s stock worth $39,674,000 after buying an additional 255,307 shares during the last quarter. Brown Advisory Inc. boosted its stake in shares of First Watch Restaurant Group by 0.4% during the 4th quarter. Brown Advisory Inc. now owns 1,478,407 shares of the company’s stock worth $29,716,000 after purchasing an additional 6,494 shares during the period. The Manufacturers Life Insurance Company grew its holdings in First Watch Restaurant Group by 14.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,408,454 shares of the company’s stock valued at $28,310,000 after purchasing an additional 175,074 shares during the last quarter. Gilder Gagnon Howe & Co. LLC raised its position in First Watch Restaurant Group by 9.6% in the 4th quarter. Gilder Gagnon Howe & Co. LLC now owns 1,074,612 shares of the company’s stock worth $21,600,000 after purchasing an additional 93,931 shares during the period. Finally, Foxhaven Asset Management LP boosted its position in shares of First Watch Restaurant Group by 44.3% during the fourth quarter. Foxhaven Asset Management LP now owns 1,046,362 shares of the company’s stock valued at $21,032,000 after buying an additional 321,375 shares during the period. 96.11% of the stock is currently owned by 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.