First Watch Restaurant Group (NASDAQ:FWRG) Price Target Lowered to $22.00 at Benchmark

First Watch Restaurant Group (NASDAQ:FWRG) had its target price cut by Benchmark from $24.00 to $22.00 in a research note released on Monday morning, Marketbeat reports. They currently have a buy rating on the stock.

Other equities research analysts have also issued research reports about the company. Stephens cut their target price on First Watch Restaurant Group from $24.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 25th. Guggenheim dropped their price target on First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. Zacks Research upgraded First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 10th. Barclays lowered their price objective on shares of First Watch Restaurant Group from $19.00 to $17.00 and set an “overweight” rating for the company in a research note on Wednesday, February 25th. Finally, Piper Sandler reiterated an “overweight” rating and set a $19.00 target price on shares of First Watch Restaurant Group in a research report on Tuesday, February 24th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.58.

First Watch Restaurant Group Trading Up 0.9%

FWRG opened at $12.86 on Monday. First Watch Restaurant Group has a twelve month low of $10.09 and a twelve month high of $20.55. The company has a fifty day moving average of $12.65 and a 200-day moving average of $15.29. The stock has a market cap of $792.43 million, a PE ratio of 41.48, a price-to-earnings-growth ratio of 2.56 and a beta of 0.98. The company has a quick ratio of 0.25, a current ratio of 0.29 and a debt-to-equity ratio of 0.43.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings results on Tuesday, February 24th. The company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.16. First Watch Restaurant Group had a net margin of 1.59% and a return on equity of 3.20%. The business had revenue of $316.35 million for the quarter, compared to analysts’ expectations of $317.49 million. During the same quarter in the prior year, the firm posted $0.01 earnings per share. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. On average, sell-side analysts predict that First Watch Restaurant Group will post 0.23 EPS for the current year.

Insider Buying and Selling

In related news, CEO Christopher Anthony Tomasso sold 25,062 shares of First Watch Restaurant Group stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $12.52, for a total value of $313,776.24. Following the completion of the sale, the chief executive officer owned 957,315 shares of the company’s stock, valued at approximately $11,985,583.80. This trade represents a 2.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jay Anthony Wolszczak sold 6,998 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $12.59, for a total transaction of $88,104.82. Following the sale, the insider owned 232,091 shares of the company’s stock, valued at $2,922,025.69. This trade represents a 2.93% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 74,178 shares of company stock worth $958,411 over the last quarter. Corporate insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On First Watch Restaurant Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Jones Financial Companies Lllp bought a new position in First Watch Restaurant Group in the 3rd quarter valued at about $30,000. Rockefeller Capital Management L.P. bought a new stake in First Watch Restaurant Group during the 4th quarter worth approximately $63,000. State of Wyoming purchased a new stake in shares of First Watch Restaurant Group in the fourth quarter worth approximately $64,000. Kemnay Advisory Services Inc. bought a new position in shares of First Watch Restaurant Group in the fourth quarter valued at approximately $66,000. Finally, BNP Paribas Financial Markets lifted its holdings in shares of 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 valued at $70,000 after purchasing an additional 1,673 shares in the last quarter. 96.11% of the stock is owned by institutional investors.

First Watch Restaurant Group Company Profile

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.