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 note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s target price would indicate a potential upside of 10.05% from the company’s previous close.

A number of other research firms also recently weighed in on FWRG. Bank of America dropped 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. Stephens upped their target price on First Watch Restaurant Group from $20.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday. TD Cowen lifted their price target on shares of First Watch Restaurant Group from $18.00 to $21.00 and gave the company a “hold” rating in a research report on Friday. Barclays boosted their price target on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Guggenheim reduced their price objective on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating for the company in a report on Friday, October 4th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, First Watch Restaurant Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.30.

First Watch Restaurant Group Price Performance

First Watch Restaurant Group stock opened at $20.90 on Monday. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of 64.18, a PEG ratio of 5.88 and a beta of 0.85. First Watch Restaurant Group has a 52-week low of $12.90 and a 52-week high of $25.98. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.52 and a current ratio of 0.57. The stock’s 50 day moving average price is $15.91 and its two-hundred day moving average price is $17.33.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). First Watch Restaurant Group had a return on equity of 3.64% and a net margin of 2.09%. The company had revenue of $251.61 million during the quarter, compared to analyst estimates of $256.17 million. During the same quarter in the previous year, the business posted $0.09 earnings per share. The company’s revenue for the quarter was up 14.8% compared to the same quarter last year. On average, equities analysts predict that First Watch Restaurant Group will post 0.31 earnings per share for the current year.

Institutional Trading of First Watch Restaurant Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Quent Capital LLC purchased a new stake in First Watch Restaurant Group in the 1st quarter valued at about $172,000. Quantbot Technologies LP purchased a new position in First Watch Restaurant Group in the first quarter worth $322,000. Swiss National Bank grew its stake in First Watch Restaurant Group by 22.3% in the 1st quarter. Swiss National Bank now owns 64,600 shares of the company’s stock valued at $1,590,000 after purchasing an additional 11,800 shares during the period. Sei Investments Co. increased its position in shares of First Watch Restaurant Group by 6.5% during the 1st quarter. Sei Investments Co. now owns 29,162 shares of the company’s stock valued at $718,000 after purchasing an additional 1,783 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of First Watch Restaurant Group by 44.0% during the 1st quarter. Russell Investments Group Ltd. now owns 26,030 shares of the company’s stock valued at $641,000 after purchasing an additional 7,952 shares during the last quarter. Hedge funds and other institutional investors 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.