First Watch Restaurant Group (NASDAQ:FWRG) Price Target Lowered to $22.00 at Benchmark
by Teresa Graham · The Cerbat GemFirst Watch Restaurant Group (NASDAQ:FWRG – Get Free Report) had its target price reduced by equities research analysts at Benchmark from $24.00 to $22.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s target price points to a potential upside of 72.55% from the company’s previous close.
Several other analysts have also issued reports on FWRG. Barclays dropped their target price on First Watch Restaurant Group from $19.00 to $17.00 and set an “overweight” rating on the stock in a report on Wednesday, February 25th. Citigroup lowered their price target on First Watch Restaurant Group from $26.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, February 25th. Piper Sandler reissued an “overweight” rating and set a $19.00 price target on shares of First Watch Restaurant Group in a research report on Tuesday, February 24th. Stephens lowered their price target on First Watch Restaurant Group from $24.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 25th. Finally, Weiss Ratings raised First Watch Restaurant Group from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, April 10th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, First Watch Restaurant Group currently has an average rating of “Moderate Buy” and a consensus price target of $19.58.
View Our Latest Analysis on First Watch Restaurant Group
First Watch Restaurant Group Stock Performance
NASDAQ:FWRG opened at $12.75 on Monday. First Watch Restaurant Group has a twelve month low of $10.09 and a twelve month high of $20.55. The company has a quick ratio of 0.25, a current ratio of 0.29 and a debt-to-equity ratio of 0.43. The business has a 50 day moving average price of $12.74 and a two-hundred day moving average price of $15.31. The company has a market cap of $785.66 million, a P/E ratio of 41.13, a price-to-earnings-growth ratio of 2.56 and a beta of 0.98.
First Watch Restaurant Group (NASDAQ:FWRG – Get Free Report) last released its earnings results on Tuesday, February 24th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.16. First Watch Restaurant Group had a return on equity of 3.20% and a net margin of 1.59%.The business had revenue of $316.35 million for the quarter, compared to analyst estimates of $317.49 million. During the same quarter in the prior year, the company posted $0.01 earnings per share. First Watch Restaurant Group’s revenue was up 20.2% on a year-over-year basis. As a group, analysts expect that First Watch Restaurant Group will post 0.32 EPS for the current fiscal year.
Insider Buying and Selling at First Watch Restaurant Group
In related news, insider Matthew Eisenacher sold 2,760 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $12.52, for a total transaction of $34,555.20. Following the sale, the insider owned 67,223 shares of the company’s stock, valued at $841,631.96. This represents a 3.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jay Anthony Wolszczak sold 3,161 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $12.52, for a total value of $39,575.72. Following the sale, the insider directly owned 228,930 shares in the company, valued at $2,866,203.60. This represents a 1.36% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 74,178 shares of company stock valued at $958,411 over the last ninety days. 6.00% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On First Watch Restaurant Group
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Woodline Partners LP bought a new position in shares of First Watch Restaurant Group in the 3rd quarter valued at $20,318,000. Riverbridge Partners LLC lifted its stake in shares of First Watch Restaurant Group by 90.8% in the 1st quarter. Riverbridge Partners LLC now owns 2,091,700 shares of the company’s stock valued at $21,921,000 after acquiring an additional 995,671 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of First Watch Restaurant Group by 51.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,335,883 shares of the company’s stock valued at $37,468,000 after acquiring an additional 796,191 shares during the last quarter. Balyasny Asset Management L.P. lifted its stake in shares of First Watch Restaurant Group by 2,796.3% in the 3rd quarter. Balyasny Asset Management L.P. now owns 813,051 shares of the company’s stock valued at $12,716,000 after acquiring an additional 784,979 shares during the last quarter. Finally, Fred Alger Management LLC increased its holdings in First Watch Restaurant Group by 183.9% in the fourth quarter. Fred Alger Management LLC now owns 1,036,560 shares of the company’s stock valued at $15,631,000 after purchasing an additional 671,455 shares during the period. 96.11% of the stock is currently owned by institutional investors.
About First Watch Restaurant Group
First Watch Restaurant Group, Inc (NASDAQ: FWRG) operates a specialty daytime dining concept focused on breakfast, brunch and lunch. The company’s casual, full-service cafés emphasize fresh ingredients, made-to-order entrées and a seasonally driven menu that ranges from omelets and Benedicts to salads, skillets and afternoon sandwiches. First Watch positions itself as a daytime-only destination, with most locations opening early morning and closing by mid-afternoon.
Founded in 1983 by Ken Pendery and John Sullivan in Pacific Grove, California, First Watch began as a single café and gradually expanded through company-owned and select franchised locations.