Benchmark Reaffirms Buy Rating for First Watch Restaurant Group (NASDAQ:FWRG)

Benchmark reiterated their buy rating on shares of First Watch Restaurant Group (NASDAQ:FWRG) in a research report released on Wednesday, Benzinga reports. Benchmark currently has a $23.00 price target on the stock.

Several other research analysts have also recently weighed in on the stock. TD Cowen restated a “hold” rating and issued a $18.00 price objective on shares of First Watch Restaurant Group in a research report on Thursday, September 12th. Guggenheim lowered their price objective on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday, October 4th. Stifel Nicolaus reduced their target price on 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. Barclays dropped their price target on First Watch Restaurant Group from $27.00 to $21.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Finally, Bank of America decreased their price objective on 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. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, First Watch Restaurant Group has a consensus rating of “Moderate Buy” and an average target price of $22.33.

First Watch Restaurant Group Stock Performance

NASDAQ FWRG opened at $16.90 on Wednesday. The company’s 50 day simple moving average is $15.63 and its two-hundred day simple moving average is $17.90. The stock has a market capitalization of $1.02 billion, a PE ratio of 44.47, a P/E/G ratio of 2.09 and a beta of 0.87. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.57 and a quick ratio of 0.52. First Watch Restaurant Group has a 1 year low of $12.90 and a 1 year high of $25.98.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. First Watch Restaurant Group had a return on equity of 4.24% and a net margin of 2.51%. The company had revenue of $258.60 million for the quarter, compared to the consensus estimate of $257.65 million. During the same quarter last year, the business posted $0.13 earnings per share. The firm’s revenue was up 19.6% compared to the same quarter last year. Analysts predict that First Watch Restaurant Group will post 0.34 earnings per share for the current fiscal year.

Institutional Trading of First Watch Restaurant Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sunbelt Securities Inc. purchased a new position in shares of First Watch Restaurant Group in the first quarter worth $65,000. SG Americas Securities LLC purchased a new position in shares of First Watch Restaurant Group in the third quarter valued at about $119,000. Quent Capital LLC raised its stake in shares of First Watch Restaurant Group by 28.6% during the second quarter. Quent Capital LLC now owns 9,000 shares of the company’s stock valued at $158,000 after acquiring an additional 2,000 shares during the last quarter. Janus Henderson Group PLC purchased a new stake in shares of First Watch Restaurant Group during the first quarter worth about $226,000. Finally, LVW Advisors LLC bought a new stake in shares of First Watch Restaurant Group in the first quarter worth about $227,000. 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.