Citigroup Initiates Coverage on First Watch Restaurant Group (NASDAQ:FWRG)

Equities research analysts at Citigroup initiated coverage on shares of First Watch Restaurant Group (NASDAQ:FWRGGet Rating) in a report released on Tuesday, April 12th, FinViz reports. The firm set a “buy” rating and a $17.00 price target on the stock. Citigroup’s price target would suggest a potential upside of 32.40% from the stock’s current price.

FWRG has been the subject of a number of other research reports. Raymond James started coverage on First Watch Restaurant Group in a report on Wednesday, January 12th. They issued an “outperform” rating and a $24.00 price objective for the company. Barclays cut their target price on First Watch Restaurant Group from $26.00 to $18.00 and set an “overweight” rating on the stock in a research note on Thursday, March 24th. Zacks Investment Research cut First Watch Restaurant Group from a “buy” rating to a “hold” rating in a research note on Tuesday, March 15th. The Goldman Sachs Group cut their target price on First Watch Restaurant Group from $25.00 to $22.00 and set a “buy” rating on the stock in a research note on Thursday, March 24th. Finally, Cowen cut their target price on First Watch Restaurant Group from $22.00 to $15.00 and set a “market perform” rating on the stock in a research note on Wednesday, March 23rd. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $22.00.

FWRG traded down $0.33 during midday trading on Tuesday, hitting $12.84. The stock had a trading volume of 13 shares, compared to its average volume of 100,915. The business has a fifty day moving average of $12.89 and a 200 day moving average of $15.91. The company has a quick ratio of 0.66, a current ratio of 0.70 and a debt-to-equity ratio of 0.20. First Watch Restaurant Group has a 1 year low of $11.57 and a 1 year high of $25.46.

First Watch Restaurant Group (NASDAQ:FWRGGet Rating) last announced its quarterly earnings data on Wednesday, March 23rd. The company reported ($0.08) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.01. The company had revenue of $162.62 million during the quarter, compared to the consensus estimate of $162.42 million. On average, analysts forecast that First Watch Restaurant Group will post 0.17 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FWRG. BlackRock Inc. purchased a new position in First Watch Restaurant Group during the 4th quarter valued at approximately $19,104,000. Brown Advisory Inc. purchased a new position in First Watch Restaurant Group during the 4th quarter valued at approximately $18,531,000. Kornitzer Capital Management Inc. KS purchased a new position in First Watch Restaurant Group during the 4th quarter valued at approximately $11,732,000. LGT Capital Partners LTD. purchased a new position in First Watch Restaurant Group during the 4th quarter valued at approximately $5,455,000. Finally, Citadel Advisors LLC purchased a new position in First Watch Restaurant Group during the 4th quarter valued at approximately $5,405,000. Institutional investors and hedge funds own 97.41% of the company’s stock.

First Watch Restaurant Group Company Profile (Get Rating)

First Watch Restaurant Group, Inc operates and franchises restaurants under the First Watch trade name. As of March 23, 2022, it operated 341 company-owned restaurants and 94 franchised restaurants in 28 states 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.

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Analyst Recommendations for First Watch Restaurant Group (NASDAQ:FWRG)

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