Piper Sandler Issues Positive Forecast for First Watch Restaurant Group (NASDAQ:FWRG) Stock Price

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

A number of other research firms have also issued reports on FWRG. Stephens upped their target price 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. Benchmark restated a “buy” rating and set a $23.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Bank of America reduced their price target on 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. Guggenheim decreased their price objective 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. Finally, Barclays increased their target price on First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Two analysts have rated the stock with a hold rating, seven 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 has an average rating of “Moderate Buy” and an average price target of $23.30.

First Watch Restaurant Group Trading Down 0.2 %

Shares of FWRG stock opened at $18.89 on Monday. The stock has a market cap of $1.14 billion, a P/E ratio of 57.37, a P/E/G ratio of 5.70 and a beta of 0.85. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. First Watch Restaurant Group has a fifty-two week low of $12.90 and a fifty-two week high of $25.98. The business has a fifty day simple moving average of $16.22 and a 200-day simple moving average of $17.32.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. ArrowMark Colorado Holdings LLC bought a new stake in First Watch Restaurant Group during the third quarter worth approximately $5,120,000. Walleye Capital LLC acquired a new position in shares of First Watch Restaurant Group in the 3rd quarter worth approximately $215,000. FMR LLC boosted its position in shares of First Watch Restaurant Group by 9.5% in the 3rd quarter. FMR LLC now owns 625,523 shares of the company’s stock valued at $9,758,000 after purchasing an additional 54,282 shares during the period. The Manufacturers Life Insurance Company lifted 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 valued at $23,919,000 after buying an additional 192,471 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of First Watch Restaurant Group in the 3rd quarter valued at approximately $342,000. 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.