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

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective reduced by analysts at Benchmark from $26.00 to $22.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s target price would indicate a potential upside of 37.59% from the stock’s current price.

A number of other brokerages have also recently commented on FWRG. Stephens decreased their target price on First Watch Restaurant Group from $24.00 to $23.00 and set an “overweight” rating on the stock in a report on Wednesday. Barclays decreased their price objective on First Watch Restaurant Group from $24.00 to $20.00 and set an “overweight” rating on the stock in a research note on Tuesday. Piper Sandler cut their price objective on First Watch Restaurant Group from $23.00 to $20.00 and set an “overweight” rating for the company in a research note on Wednesday. TD Securities reduced their target price on shares of First Watch Restaurant Group from $22.00 to $19.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Bank of America lifted their price target on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, March 12th. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $21.36.

First Watch Restaurant Group Stock Performance

First Watch Restaurant Group stock opened at $15.99 on Wednesday. The business has a 50-day simple moving average of $17.69 and a two-hundred day simple moving average of $18.73. First Watch Restaurant Group has a 52-week low of $12.90 and a 52-week high of $22.71. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. The company has a market cap of $974.89 million, a P/E ratio of 48.46, a P/E/G ratio of 3.38 and a beta of 1.01.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its earnings results on Tuesday, May 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.05). First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The business had revenue of $282.24 million for the quarter, compared to the consensus estimate of $282.98 million. During the same quarter last year, the firm posted $0.12 earnings per share. The business’s quarterly revenue was up 16.4% compared to the same quarter last year. Analysts predict that First Watch Restaurant Group will post 0.32 EPS for the current year.

Insiders Place Their Bets

In related news, insider Jay Anthony Wolszczak sold 5,743 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $96,539.83. Following the sale, the insider now directly owns 37,768 shares in the company, valued at approximately $634,880.08. The trade was a 13.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total value of $706,675.59. Following the transaction, the chief executive officer now owns 389,832 shares of the company’s stock, valued at $6,553,075.92. This represents a 9.73 % decrease in their position. The disclosure for this sale can be found here. 6.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Blueshift Asset Management LLC purchased a new stake in First Watch Restaurant Group during the first quarter valued at $183,000. Arkadios Wealth Advisors purchased a new stake in shares of First Watch Restaurant Group during the 1st quarter valued at about $1,141,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of First Watch Restaurant Group by 85.2% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,807 shares of the company’s stock valued at $163,000 after acquiring an additional 4,512 shares during the last quarter. SRH Advisors LLC grew its position in First Watch Restaurant Group by 157.7% in the first quarter. SRH Advisors LLC now owns 31,395 shares of the company’s stock worth $523,000 after acquiring an additional 19,210 shares in the last quarter. Finally, Rice Hall James & Associates LLC increased its stake in First Watch Restaurant Group by 89.8% during the first quarter. Rice Hall James & Associates LLC now owns 165,984 shares of the company’s stock worth $2,764,000 after acquiring an additional 78,518 shares during the last quarter. 96.11% of the stock is currently owned by institutional investors.

First Watch Restaurant Group Company Profile

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.