Bank of America Cuts First Watch Restaurant Group (NASDAQ:FWRG) Price Target to $21.00

First Watch Restaurant Group (NASDAQ:FWRG) had its target price cut by Bank of America from $23.00 to $21.00 in a research report released on Friday,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also issued reports on FWRG. Guggenheim cut their price target on shares of First Watch Restaurant Group from $23.00 to $22.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th. Raymond James Financial boosted their price objective on First Watch Restaurant Group from $21.00 to $22.00 and gave the stock a “strong-buy” rating in a research report on Thursday. Benchmark lowered their price objective on First Watch Restaurant Group from $26.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, May 7th. Stephens lowered their price objective on First Watch Restaurant Group from $24.00 to $23.00 and set an “overweight” rating for the company in a research report on Wednesday, May 7th. Finally, TD Securities reissued a “buy” rating and set a $19.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, June 4th. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $20.91.

First Watch Restaurant Group Stock Down 0.7%

Shares of FWRG opened at $16.84 on Friday. The company has a current ratio of 0.31, a quick ratio of 0.27 and a debt-to-equity ratio of 0.32. The firm has a market cap of $1.03 billion, a P/E ratio of 99.06, a price-to-earnings-growth ratio of 4.75 and a beta of 0.90. The company’s 50-day moving average price is $16.27 and its 200 day moving average price is $17.91. First Watch Restaurant Group has a 12-month low of $12.90 and a 12-month high of $22.71.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.05). The business had revenue of $282.24 million for the quarter, compared to analysts’ expectations of $282.98 million. First Watch Restaurant Group had a return on equity of 1.84% and a net margin of 1.03%. The firm’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same quarter last year, the company earned $0.12 earnings per share. On average, sell-side analysts forecast that First Watch Restaurant Group will post 0.32 earnings per share for the current year.

Insider Transactions at First Watch Restaurant Group

In related news, major shareholder International L.P. Advent sold 4,500,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $14.70, for a total value of $66,150,000.00. Following the completion of the transaction, the insider directly owned 14,689,784 shares of the company’s stock, valued at $215,939,824.80. This represents a 23.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 6.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Watch Restaurant Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fifth Third Bancorp boosted its holdings in First Watch Restaurant Group by 8,815.8% in the second quarter. Fifth Third Bancorp now owns 1,694 shares of the company’s stock valued at $27,000 after purchasing an additional 1,675 shares in the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new position in First Watch Restaurant Group in the fourth quarter valued at approximately $51,000. State of Wyoming boosted its holdings in First Watch Restaurant Group by 212.6% in the fourth quarter. State of Wyoming now owns 3,214 shares of the company’s stock valued at $60,000 after purchasing an additional 2,186 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in First Watch Restaurant Group in the fourth quarter valued at approximately $86,000. Finally, GAMMA Investing LLC boosted its holdings in shares of First Watch Restaurant Group by 1,617.7% in the first quarter. GAMMA Investing LLC now owns 5,445 shares of the company’s stock valued at $91,000 after acquiring an additional 5,128 shares during the period. 96.11% of the stock is 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.