Guggenheim Issues Positive Forecast for First Watch Restaurant Group (NASDAQ:FWRG) Stock Price

First Watch Restaurant Group (NASDAQ:FWRG) had its target price increased by research analysts at Guggenheim from $20.00 to $21.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim‘s target price points to a potential upside of 56.95% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. DA Davidson dropped their price objective on First Watch Restaurant Group from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, October 2nd. Weiss Ratings raised First Watch Restaurant Group from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, October 29th. Wall Street Zen raised First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Raymond James Financial lowered their target price on First Watch Restaurant Group from $20.00 to $18.00 and set a “strong-buy” rating on the stock in a research note on Friday, October 16th. Finally, Citigroup dropped their price target on First Watch Restaurant Group from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Wednesday, October 21st. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $18.00.

First Watch Restaurant Group Stock Performance

FWRG stock traded up $0.26 during mid-day trading on Friday, hitting $13.38. The company had a trading volume of 335,533 shares, compared to its average volume of 1,486,030. The firm has a market cap of $825.71 million, a PE ratio of 41.78, a price-to-earnings-growth ratio of 60.98 and a beta of 1.00. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.22 and a current ratio of 0.25. First Watch Restaurant Group has a 12 month low of $9.88 and a 12 month high of $18.77. The stock’s fifty day moving average price is $11.39 and its two-hundred day moving average price is $12.40.

First Watch Restaurant Group (NASDAQ:FWRG) last released its earnings results on Tuesday, November 3rd. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.05. First Watch Restaurant Group had a net margin of 1.45% and a return on equity of 3.10%. The firm had revenue of $349.86 million for the quarter, compared to analysts’ expectations of $348.99 million. During the same period in the previous year, the company earned $0.05 earnings per share. The company’s quarterly revenue was up 10.7% on a year-over-year basis. On average, analysts forecast that First Watch Restaurant Group will post 0.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Watch Restaurant Group

A number of hedge funds and other institutional investors have recently bought and sold shares of FWRG. Bank of America Corp DE purchased a new stake in First Watch Restaurant Group in the 2nd quarter worth approximately $13,783,000. BlackRock Inc. bought a new position in First Watch Restaurant Group in the 2nd quarter valued at $58,445,000. Corient Private Wealth LP boosted its holdings in First Watch Restaurant Group by 105.3% in the 2nd quarter. Corient Private Wealth LP now owns 285,062 shares of the company’s stock valued at $3,674,000 after purchasing an additional 146,196 shares during the period. Legal & General Group Plc bought a new position in First Watch Restaurant Group in the 2nd quarter valued at $631,000. Finally, Penn Capital Management Company LLC grew its position in shares of First Watch Restaurant Group by 29.1% during the 2nd quarter. Penn Capital Management Company LLC now owns 1,472,751 shares of the company’s stock valued at $19,016,000 after purchasing an additional 331,594 shares in the last quarter. Institutional investors own 96.11% of the company’s stock.

About First Watch Restaurant Group

First Watch Restaurant Group, Inc operates a daytime-focused restaurant concept serving breakfast, brunch and lunch. Its restaurants offer made-to-order meals such as omelets, pancakes, French toast, sandwiches, salads and bowls, along with fresh juices, coffee and other beverages. The company generally does not serve dinner, positioning its restaurants around the daytime dining occasion.

First Watch restaurants emphasize fresh preparation and seasonal menu offerings, including items made with eggs, fruits, vegetables and other ingredients prepared in the restaurant.