Analysts Anticipate First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Will Post Quarterly Sales of $167.93 Million

Equities analysts expect that First Watch Restaurant Group, Inc. (NASDAQ:FWRGGet Rating) will announce sales of $167.93 million for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for First Watch Restaurant Group’s earnings. The lowest sales estimate is $164.30 million and the highest is $170.21 million. The firm is expected to issue its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that First Watch Restaurant Group will report full year sales of $697.57 million for the current fiscal year, with estimates ranging from $689.00 million to $704.63 million. For the next fiscal year, analysts anticipate that the company will report sales of $816.19 million, with estimates ranging from $808.30 million to $822.89 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for First Watch Restaurant Group.

First Watch Restaurant Group (NASDAQ:FWRGGet Rating) last posted its earnings results on Wednesday, March 23rd. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.01. The company had revenue of $162.62 million for the quarter, compared to analysts’ expectations of $162.42 million.

Several research firms have issued reports on FWRG. Raymond James began coverage on First Watch Restaurant Group in a research report on Wednesday, January 12th. They set an “outperform” rating and a $24.00 target price on the stock. Citigroup began coverage on First Watch Restaurant Group in a research report on Tuesday, April 12th. They issued a “buy” rating and a $17.00 price objective on the stock. Barclays lowered their price objective on First Watch Restaurant Group from $18.00 to $16.00 and set an “overweight” rating on the stock in a research report on Monday. Zacks Investment Research downgraded First Watch Restaurant Group from a “buy” rating to a “hold” rating in a research report on Tuesday, March 15th. Finally, The Goldman Sachs Group lowered their price objective on First Watch Restaurant Group from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Thursday, March 24th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $22.00.

Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of First Watch Restaurant Group during the fourth quarter valued at approximately $19,104,000. Brown Advisory Inc. bought a new stake in First Watch Restaurant Group in the 4th quarter worth approximately $18,531,000. Kornitzer Capital Management Inc. KS bought a new stake in First Watch Restaurant Group in the 4th quarter worth approximately $11,732,000. LGT Capital Partners LTD. grew its position in shares of First Watch Restaurant Group by 12.1% during the 1st quarter. LGT Capital Partners LTD. now owns 365,000 shares of the company’s stock valued at $4,763,000 after acquiring an additional 39,530 shares during the period. Finally, Citadel Advisors LLC bought a new stake in shares of First Watch Restaurant Group during the 4th quarter valued at $5,405,000. Hedge funds and other institutional investors own 4.54% of the company’s stock.

NASDAQ:FWRG opened at $12.28 on Wednesday. The stock’s fifty day moving average is $13.20. First Watch Restaurant Group has a 1 year low of $11.57 and a 1 year high of $25.46. The company has a current ratio of 0.70, a quick ratio of 0.66 and a debt-to-equity ratio of 0.20.

About First Watch Restaurant Group (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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