TD Cowen Reaffirms Hold Rating for First Watch Restaurant Group (NASDAQ:FWRG)

TD Cowen reaffirmed their hold rating on shares of First Watch Restaurant Group (NASDAQ:FWRG) in a report issued on Wednesday, Benzinga reports. They currently have a $18.00 target price on the stock.

Several other research firms have also recently issued reports on FWRG. Bank of America decreased their target price on shares of First Watch Restaurant Group from $29.00 to $24.00 and set a buy rating for the company in a research note on Wednesday, July 17th. Stifel Nicolaus decreased their target price on shares of First Watch Restaurant Group from $22.00 to $18.00 and set a hold rating for the company in a research note on Tuesday, July 2nd. Finally, Barclays cut their price target on shares of 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. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $23.00.

First Watch Restaurant Group Stock Performance

FWRG traded down $0.46 during midday trading on Wednesday, hitting $16.23. 561,476 shares of the company traded hands, compared to its average volume of 605,452. First Watch Restaurant Group has a 52 week low of $14.05 and a 52 week high of $25.98. The firm has a market capitalization of $979.85 million, a PE ratio of 42.71, a price-to-earnings-growth ratio of 2.15 and a beta of 0.88. The company has a quick ratio of 0.55, a current ratio of 0.60 and a debt-to-equity ratio of 0.21. The company’s 50-day moving average is $16.79 and its 200 day moving average is $20.73.

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

Institutional Investors Weigh In On First Watch Restaurant Group

A number of hedge funds have recently modified their holdings of FWRG. WCM Investment Management LLC acquired a new position in First Watch Restaurant Group in the first quarter valued at about $16,030,000. Foxhaven Asset Management LP lifted 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 acquiring an additional 321,375 shares during the period. Deepwater Asset Management LLC increased its position in First Watch Restaurant Group by 275.3% during the 1st quarter. Deepwater Asset Management LLC now owns 412,884 shares of the company’s stock worth $10,165,000 after purchasing an additional 302,878 shares in the last quarter. Vanguard Group Inc. increased its position in First Watch Restaurant Group by 25.1% during the 3rd quarter. Vanguard Group Inc. now owns 1,311,905 shares of the company’s stock worth $22,683,000 after purchasing an additional 263,101 shares in the last quarter. Finally, Nicholas Investment Partners LP purchased a new stake in First Watch Restaurant Group in the 2nd quarter valued at about $3,391,000. 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, 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.