First Watch Restaurant Group (NASDAQ:FWRG) Research Coverage Started at Benchmark

Benchmark started coverage on shares of First Watch Restaurant Group (NASDAQ:FWRG) in a report released on Tuesday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $23.00 price objective on the stock.

A number of other equities analysts also recently weighed in on the stock. 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. TD Cowen reiterated a hold rating and set a $18.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, August 7th. Barclays cut their target price on First Watch Restaurant Group from $27.00 to $21.00 and set an overweight rating on the stock in a research note on Wednesday, August 7th. Finally, Stifel Nicolaus dropped their price target on shares of First Watch Restaurant Group from $22.00 to $18.00 and set a hold rating on the stock in a research note on Tuesday, July 2nd. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on 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 Trading Up 0.5 %

Shares of FWRG opened at $17.06 on Tuesday. First Watch Restaurant Group has a 1-year low of $14.05 and a 1-year high of $25.98. The company has a current ratio of 0.60, a quick ratio of 0.55 and a debt-to-equity ratio of 0.21. The firm’s 50-day moving average price is $16.32 and its 200-day moving average price is $20.25. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of 44.89, a PEG ratio of 2.15 and a beta of 0.88.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.02. The company had revenue of $258.60 million for the quarter, compared to analysts’ expectations 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 for the quarter was up 19.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.13 earnings per share. Sell-side analysts anticipate that First Watch Restaurant Group will post 0.37 EPS for the current year.

Hedge Funds Weigh In On First Watch Restaurant Group

Several institutional investors have recently made changes to their positions in FWRG. 1832 Asset Management L.P. bought a new position in First Watch Restaurant Group in the first quarter worth approximately $3,333,000. Gilder Gagnon Howe & Co. LLC lifted its position in 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 valued at $21,600,000 after purchasing an additional 93,931 shares in the last quarter. Stephens Investment Management Group LLC grew its holdings in First Watch Restaurant Group by 16.5% during 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 increased its position 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 worth $10,165,000 after buying an additional 302,878 shares in the last quarter. Finally, Primoris Wealth Advisors LLC bought a new position in shares of First Watch Restaurant Group in the first quarter worth about $1,788,000. Institutional investors own 96.11% of the company’s stock.

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.