First Watch Restaurant Group (NASDAQ:FWRG) Price Target Raised to $23.00 at Piper Sandler

First Watch Restaurant Group (NASDAQ:FWRG) had its target price raised by Piper Sandler from $22.00 to $23.00 in a research report sent to investors on Monday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

A number of other research analysts have also recently issued reports on the stock. Stephens boosted their price objective on shares of First Watch Restaurant Group from $20.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, November 8th. TD Cowen raised their price target on First Watch Restaurant Group from $18.00 to $21.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Benchmark reiterated a “buy” rating and issued a $23.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Barclays raised their target price on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Finally, Guggenheim cut their price target on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, October 4th. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, First Watch Restaurant Group currently has a consensus rating of “Moderate Buy” and an average target price of $23.30.

First Watch Restaurant Group Stock Performance

FWRG opened at $18.89 on Monday. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. The stock’s 50 day moving average price is $16.22 and its two-hundred day moving average price is $17.32. The firm has a market capitalization of $1.14 billion, a P/E ratio of 57.37, a price-to-earnings-growth ratio of 5.70 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.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). The business had revenue of $251.61 million for the quarter, compared to the consensus estimate of $256.17 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. First Watch Restaurant Group’s revenue was up 14.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.09 earnings per share. On average, equities analysts forecast that First Watch Restaurant Group will post 0.31 earnings per share for the current year.

Institutional Investors Weigh In On First Watch Restaurant Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised 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 in the last quarter. The Manufacturers Life Insurance Company raised its stake in First Watch Restaurant Group by 14.4% during the third quarter. The Manufacturers Life Insurance Company now owns 1,533,290 shares of the company’s stock worth $23,919,000 after acquiring an additional 192,471 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of First Watch Restaurant Group by 15.9% in 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 boosted its stake in shares of First Watch Restaurant Group by 26.5% in the 2nd 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 in the last quarter. Finally, Deepwater Asset Management LLC grew its holdings in shares of First Watch Restaurant Group by 15.4% during 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. 96.11% of the stock is currently owned by institutional investors.

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.