Stephens Lowers First Watch Restaurant Group (NASDAQ:FWRG) Price Target to $21.00

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective dropped by research analysts at Stephens from $24.00 to $21.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Stephens’ target price indicates a potential upside of 59.70% from the stock’s current price.

A number of other analysts have also weighed in on FWRG. Piper Sandler reissued an “overweight” rating and issued a $19.00 price objective on shares of First Watch Restaurant Group in a research report on Tuesday. TD Cowen reduced their price target on First Watch Restaurant Group from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday. Wall Street Zen raised First Watch Restaurant Group from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Weiss Ratings restated a “hold (c-)” rating on shares of First Watch Restaurant Group in a report on Monday, December 29th. Finally, Barclays reduced their target price on First Watch Restaurant Group from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 7th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.08.

First Watch Restaurant Group Stock Performance

NASDAQ:FWRG opened at $13.15 on Wednesday. The firm has a market capitalization of $803.99 million, a PE ratio of 42.42, a PEG ratio of 2.42 and a beta of 0.88. The stock’s fifty day moving average is $15.90 and its 200 day moving average is $16.76. First Watch Restaurant Group has a fifty-two week low of $12.16 and a fifty-two week high of $21.99. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.21 and a current ratio of 0.29.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings data on Tuesday, February 24th. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.16. The business had revenue of $316.35 million for the quarter, compared to analysts’ expectations of $317.49 million. First Watch Restaurant Group had a net margin of 1.59% and a return on equity of 3.20%. The business’s revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.01 earnings per share. On average, sell-side analysts anticipate that First Watch Restaurant Group will post 0.32 earnings per share for the current year.

Insider Activity at First Watch Restaurant Group

In other news, Director William A. Kussell sold 6,165 shares of the company’s stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $17.00, for a total value of $104,805.00. Following the completion of the sale, the director owned 26,402 shares of the company’s stock, valued at approximately $448,834. This represents a 18.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 6.00% of the company’s stock.

Institutional Trading of First Watch Restaurant Group

A number of hedge funds have recently bought and sold shares of the stock. Jones Financial Companies Lllp purchased a new position in shares of First Watch Restaurant Group in the 3rd quarter valued at $30,000. First Horizon Advisors Inc. boosted its position in First Watch Restaurant Group by 207.6% during the second quarter. First Horizon Advisors Inc. now owns 1,950 shares of the company’s stock valued at $31,000 after purchasing an additional 1,316 shares in the last quarter. State of Wyoming purchased a new position in First Watch Restaurant Group in the fourth quarter valued at about $64,000. Kemnay Advisory Services Inc. purchased a new position in First Watch Restaurant Group in the fourth quarter valued at about $66,000. Finally, BNP Paribas Financial Markets raised its holdings in First Watch Restaurant Group by 61.9% in the second quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company’s stock worth $70,000 after purchasing an additional 1,673 shares in the last quarter. Hedge funds and other institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group News Roundup

Here are the key news stories impacting First Watch Restaurant Group this week:

• Positive Sentiment: Q4 results showed an earnings beat and healthy top-line growth: management reported EPS above consensus and revenue roughly in line while revenue grew ~20% year-over-year, signaling underlying demand and improving profitability versus the prior-year quarter. Article Link
• Positive Sentiment: Corporate investor outreach: First Watch will participate in three investor conferences in March, increasing management access to investors and providing visible near-term catalysts (presentations/Q&A) that can help rejustify valuation if management delivers on guidance. Article Link
• Neutral Sentiment: Analysts continue to rate the stock positively: several firms (Citigroup, Guggenheim, Stephens, Barclays) maintained Buy/Overweight stances even after updating models — this supports a constructive narrative but leaves upside tied to execution against guidance. Benzinga Summary
• Negative Sentiment: Multiple price-target cuts: Citi cut its PT to $21, Barclays to $17, Guggenheim to $21 and Stephens to $21. Those reductions trim the implied upside and reflect more cautious near-term expectations. Price Target Coverage
• Negative Sentiment: Guidance and valuation concerns: a recent critique flagged that FY2026 guidance implies slower same-store sales (1–3%) and no margin leverage, while the stock still trades at a stretched P/E — raising the risk that upside is limited absent acceleration or margin improvement. Seeking Alpha Analysis

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.