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

First Watch Restaurant Group (NASDAQ:FWRG) had its price target cut by research analysts at Guggenheim from $24.00 to $20.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s price target suggests a potential upside of 37.84% from the company’s current price.

Several other research firms have also recently weighed in on FWRG. Bank of America reduced their price objective on First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Stifel Nicolaus reduced their price target on 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. Barclays lowered 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 report on Wednesday, August 7th. Benchmark started coverage on shares of First Watch Restaurant Group in a report on Tuesday, August 27th. They set a “buy” rating and a $23.00 target price for the company. Finally, TD Cowen reiterated a “hold” rating and issued a $18.00 price target on shares of First Watch Restaurant Group in a research note on Thursday, September 12th. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, First Watch Restaurant Group presently has an average rating of “Moderate Buy” and an average target price of $22.63.

First Watch Restaurant Group Price Performance

Shares of FWRG opened at $14.51 on Friday. The stock has a 50 day simple moving average of $15.87 and a 200 day simple moving average of $18.63. First Watch Restaurant Group has a 52-week low of $13.99 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 firm has a market capitalization of $876.01 million, a PE ratio of 38.18, a P/E/G ratio of 2.42 and a beta of 0.87.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate 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 revenue was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.13 earnings per share. Sell-side analysts predict that First Watch Restaurant Group will post 0.34 EPS for the current fiscal year.

Institutional Investors Weigh In On First Watch Restaurant Group

Several hedge funds have recently bought and sold shares of FWRG. 1832 Asset Management L.P. bought a new stake in First Watch Restaurant Group in the first quarter valued at approximately $3,333,000. Gilder Gagnon Howe & Co. LLC raised its stake in 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 period. Deepwater Asset Management LLC lifted its holdings in 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 purchasing an additional 282,765 shares during the last quarter. Nicholas Investment Partners LP bought a new position in First Watch Restaurant Group during the second quarter worth $3,391,000. Finally, Primoris Wealth Advisors LLC acquired a new position in shares of First Watch Restaurant Group in the first quarter valued at $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.