First Watch Restaurant Group (NASDAQ:FWRG) Price Target Cut to $27.00

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective cut by stock analysts at Barclays from $29.00 to $27.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price target would suggest a potential upside of 26.58% from the company’s previous close.

A number of other equities analysts have also issued reports on FWRG. Stifel Nicolaus increased their price objective on First Watch Restaurant Group from $20.00 to $22.00 and gave the stock a “hold” rating in a report on Wednesday, March 6th. Raymond James raised their price objective on First Watch Restaurant Group from $23.00 to $25.00 and gave the stock a “strong-buy” rating in a research note on Thursday, January 25th. Citigroup raised their price objective on First Watch Restaurant Group from $24.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Finally, TD Cowen reissued a “hold” rating and set a $26.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, April 10th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $25.50.

First Watch Restaurant Group Stock Down 2.4 %

Shares of First Watch Restaurant Group stock opened at $21.33 on Wednesday. The company has a current ratio of 0.62, a quick ratio of 0.57 and a debt-to-equity ratio of 0.21. The business’s 50 day simple moving average is $23.79 and its 200-day simple moving average is $21.27. The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of 52.03, a PEG ratio of 2.35 and a beta of 1.07. First Watch Restaurant Group has a twelve month low of $15.67 and a twelve month high of $25.98.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.02. The business had revenue of $242.40 million for the quarter, compared to analysts’ expectations of $245.03 million. First Watch Restaurant Group had a return on equity of 4.62% and a net margin of 2.85%. The business’s quarterly revenue was up 14.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.15 EPS. Equities research analysts forecast that First Watch Restaurant Group will post 0.45 earnings per share for the current year.

Insider Activity

In other news, Director William A. Kussell sold 8,386 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $22.10, for a total value of $185,330.60. Following the completion of the sale, the director now owns 12,409 shares in the company, valued at $274,238.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director William A. Kussell sold 8,386 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $22.10, for a total value of $185,330.60. Following the completion of the sale, the director now owns 12,409 shares in the company, valued at $274,238.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Tricia Glynn sold 6,900,000 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $23.99, for a total value of $165,531,000.00. Following the sale, the director now owns 27,189,784 shares of the company’s stock, valued at $652,282,918.16. The disclosure for this sale can be found here. Insiders sold 7,085,127 shares of company stock worth $170,038,222 over the last quarter. Corporate insiders own 5.00% of the company’s stock.

Institutional Trading of First Watch Restaurant Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Invesco Ltd. purchased a new stake in shares of First Watch Restaurant Group during the third quarter worth $8,940,000. 12 West Capital Management LP purchased a new stake in shares of First Watch Restaurant Group during the third quarter worth $3,717,000. Swiss National Bank raised its holdings in shares of First Watch Restaurant Group by 53.1% during the third quarter. Swiss National Bank now owns 58,800 shares of the company’s stock worth $1,017,000 after acquiring an additional 20,400 shares in the last quarter. New York State Common Retirement Fund raised its holdings in First Watch Restaurant Group by 201.4% during the third quarter. New York State Common Retirement Fund now owns 75,718 shares of the company’s stock valued at $1,309,000 after buying an additional 50,599 shares in the last quarter. Finally, LGT Group Foundation raised its holdings in First Watch Restaurant Group by 23.8% during the fourth quarter. LGT Group Foundation now owns 226,886 shares of the company’s stock valued at $4,545,000 after buying an additional 43,691 shares in the last quarter. 96.11% of the stock is currently owned by hedge funds and other 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.