Barclays Boosts First Watch Restaurant Group (NASDAQ:FWRG) Price Target to $21.00

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective hoisted by analysts at Barclays from $20.00 to $21.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 24.70% from the stock’s current price.

FWRG has been the subject of several other research reports. Guggenheim cut their price target on First Watch Restaurant Group from $23.00 to $22.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Piper Sandler lowered their target price 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, May 7th. Benchmark cut their target price on First Watch Restaurant Group from $26.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. TD Securities reissued a “buy” rating and set a $19.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, June 4th. Finally, TD Cowen upgraded shares of First Watch Restaurant Group from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research note on Tuesday, April 1st. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $20.91.

First Watch Restaurant Group Stock Performance

Shares of FWRG opened at $16.84 on Thursday. First Watch Restaurant Group has a 12 month low of $12.90 and a 12 month high of $22.71. 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 stock has a market capitalization of $1.03 billion, a P/E ratio of 99.06, a price-to-earnings-growth ratio of 4.82 and a beta of 0.90. The firm’s fifty day simple moving average is $16.27 and its two-hundred day simple moving average is $17.92.

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

Insider Buying and Selling

In related news, major shareholder International L.P. Advent sold 4,500,000 shares of First Watch Restaurant Group stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $14.70, for a total transaction of $66,150,000.00. Following the completion of the sale, the insider owned 14,689,784 shares in the company, valued at $215,939,824.80. This trade represents a 23.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of First Watch Restaurant Group by 3.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,269 shares of the company’s stock valued at $321,000 after purchasing an additional 613 shares during the period. PNC Financial Services Group Inc. grew its position in shares of First Watch Restaurant Group by 4.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 16,943 shares of the company’s stock valued at $282,000 after acquiring an additional 708 shares during the period. Mariner LLC raised its position in shares of First Watch Restaurant Group by 5.1% during the 4th quarter. Mariner LLC now owns 21,446 shares of the company’s stock worth $399,000 after purchasing an additional 1,033 shares during the last quarter. Fifth Third Bancorp raised its position in shares of First Watch Restaurant Group by 8,815.8% during the 2nd quarter. Fifth Third Bancorp now owns 1,694 shares of the company’s stock worth $27,000 after purchasing an additional 1,675 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of First Watch Restaurant Group by 2.7% during the 4th quarter. Bank of New York Mellon Corp now owns 78,621 shares of the company’s stock worth $1,463,000 after purchasing an additional 2,033 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.