First Watch Restaurant Group (NASDAQ:FWRG) Price Target Raised to $21.00 at TD Cowen

First Watch Restaurant Group (NASDAQ:FWRG) had its target price increased by TD Cowen from $18.00 to $21.00 in a research note released on Friday,Benzinga reports. They currently have a hold rating on the stock.

A number of other brokerages have also weighed in on FWRG. Stephens raised their price target on shares of First Watch Restaurant Group from $20.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday. Raymond James raised their target price on First Watch Restaurant Group from $22.00 to $25.00 and gave the company a “strong-buy” rating in a research report on Friday. Barclays boosted their price target on First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday. Benchmark reaffirmed a “buy” rating and set a $23.00 target price on shares of First Watch Restaurant Group in a research note on Wednesday, October 16th. Finally, Guggenheim dropped their target price on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating for the company in a report on Friday, October 4th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.30.

First Watch Restaurant Group Stock Up 1.7 %

Shares of FWRG opened at $21.42 on Friday. The firm has a market cap of $1.29 billion, a P/E ratio of 64.91, a PEG ratio of 5.88 and a beta of 0.85. First Watch Restaurant Group has a 12 month low of $12.90 and a 12 month high of $25.98. The stock’s 50 day moving average is $16.01 and its two-hundred day moving average is $17.32. The company has a current ratio of 0.57, a quick ratio of 0.52 and a debt-to-equity ratio of 0.33.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.02). The company had revenue of $251.61 million during the quarter, compared to analysts’ expectations of $256.17 million. First Watch Restaurant Group had a return on equity of 3.64% and a net margin of 2.09%. First Watch Restaurant Group’s revenue was up 14.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.09 EPS. Analysts predict that First Watch Restaurant Group will post 0.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Watch Restaurant Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of First Watch Restaurant Group by 18.8% during the 1st 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. Dimensional Fund Advisors LP increased its stake in First Watch Restaurant Group by 15.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,385,972 shares of the company’s stock worth $24,338,000 after acquiring an additional 189,740 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in First Watch Restaurant Group by 26.5% in the second quarter. The Manufacturers Life Insurance Company now owns 1,340,819 shares of the company’s stock valued at $23,545,000 after purchasing an additional 281,056 shares during the period. Deepwater Asset Management LLC lifted its stake in shares of First Watch Restaurant Group by 15.4% in the 3rd quarter. Deepwater Asset Management LLC now owns 802,625 shares of the company’s stock valued at $12,521,000 after purchasing an additional 106,976 shares during the last quarter. Finally, Capital Research Global Investors grew its holdings in shares of First Watch Restaurant Group by 17.1% during the 1st quarter. Capital Research Global Investors now owns 776,545 shares of the company’s stock worth $19,119,000 after purchasing an additional 113,555 shares during the period. 96.11% of the stock is currently 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.