Stephens Reiterates “Overweight” Rating for First Watch Restaurant Group (NASDAQ:FWRG)

Stephens reissued their overweight rating on shares of First Watch Restaurant Group (NASDAQ:FWRG) in a report issued on Tuesday morning,Benzinga reports. Stephens currently has a $25.00 target price on the stock.

Separately, Piper Sandler raised their price objective on First Watch Restaurant Group from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.33.

First Watch Restaurant Group Stock Down 7.0 %

Shares of FWRG opened at $16.83 on Tuesday. First Watch Restaurant Group has a 52-week low of $12.90 and a 52-week high of $25.98. The company has a market capitalization of $1.02 billion, a PE ratio of 51.00, a price-to-earnings-growth ratio of 3.38 and a beta of 0.90. The stock has a fifty day simple moving average of $19.92 and a two-hundred day simple moving average of $18.14. 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 (NASDAQ:FWRG) last released its quarterly earnings data on Tuesday, March 11th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.01). First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The firm had revenue of $263.30 million for the quarter, compared to analyst estimates of $262.82 million. During the same quarter in the previous year, the business posted $0.04 earnings per share. First Watch Restaurant Group’s revenue for the quarter was up 7.6% on a year-over-year basis. As a group, equities analysts forecast that First Watch Restaurant Group will post 0.32 EPS for the current year.

Institutional Investors Weigh In On First Watch Restaurant Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Versor Investments LP acquired a new position in First Watch Restaurant Group in the third quarter valued at approximately $201,000. Mutual of America Capital Management LLC acquired a new position in shares of First Watch Restaurant Group in the 3rd quarter valued at $5,757,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of First Watch Restaurant Group in the 3rd quarter valued at $1,566,000. Commerce Bank acquired a new position in shares of First Watch Restaurant Group in the 3rd quarter valued at $208,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of First Watch Restaurant Group by 21.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 251,403 shares of the company’s stock valued at $3,922,000 after buying an additional 45,119 shares in the last quarter. Institutional investors and hedge funds 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.