Guggenheim Lowers First Watch Restaurant Group (NASDAQ:FWRG) Price Target to $20.00

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective dropped by equities research analysts at Guggenheim from $24.00 to $20.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Guggenheim’s target price indicates a potential upside of 37.84% from the stock’s previous close.

FWRG has been the topic of several other reports. Benchmark started coverage on First Watch Restaurant Group in a report on Tuesday, August 27th. They set a “buy” rating and a $23.00 target price on the stock. Barclays reduced their price objective on shares of 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. Stifel Nicolaus dropped 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 report on Tuesday, July 2nd. TD Cowen reiterated a “hold” rating and set a $18.00 price target on shares of First Watch Restaurant Group in a research report on Thursday, September 12th. Finally, Bank of America decreased their price objective on shares of First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, First Watch Restaurant Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.63.

First Watch Restaurant Group Price Performance

Shares of First Watch Restaurant Group stock opened at $14.51 on Friday. The company has a quick ratio of 0.52, a current ratio of 0.57 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $876.01 million, a price-to-earnings ratio of 38.18, a price-to-earnings-growth ratio of 2.42 and a beta of 0.87. First Watch Restaurant Group has a twelve month low of $13.99 and a twelve month high of $25.98. The company has a 50-day simple moving average of $15.87 and a two-hundred day simple moving average of $18.63.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.14 earnings per share 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 the consensus estimate of $257.65 million. First Watch Restaurant Group had a net margin of 2.51% and a return on equity of 4.24%. The firm’s quarterly revenue was up 19.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.13 earnings per share. Analysts forecast that First Watch Restaurant Group will post 0.34 EPS for the current year.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of institutional investors have recently added to or reduced their stakes in the stock. 1832 Asset Management L.P. bought a new stake in shares of First Watch Restaurant Group during the first quarter worth $3,333,000. Gilder Gagnon Howe & Co. LLC lifted its stake in shares of First Watch Restaurant Group by 9.6% in the 4th quarter. Gilder Gagnon Howe & Co. LLC now owns 1,074,612 shares of the company’s stock valued at $21,600,000 after acquiring an additional 93,931 shares during the last quarter. Deepwater Asset Management LLC boosted its holdings in shares of First Watch Restaurant Group by 68.5% during the 2nd quarter. Deepwater Asset Management LLC now owns 695,649 shares of the company’s stock valued at $12,216,000 after acquiring an additional 282,765 shares in the last quarter. Nicholas Investment Partners LP bought a new stake in First Watch Restaurant Group during the 2nd quarter worth $3,391,000. Finally, Primoris Wealth Advisors LLC acquired a new position in First Watch Restaurant Group in the 1st quarter worth about $1,788,000. 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.