TD Cowen Cuts First Watch Restaurant Group (NASDAQ:FWRG) Price Target to $21.00

First Watch Restaurant Group (NASDAQ:FWRG) had its price target trimmed by TD Cowen from $25.00 to $21.00 in a report released on Thursday morning, Benzinga reports. The brokerage currently has a hold rating on the stock.

Other equities analysts also recently issued research reports about the company. Citigroup increased their price objective on First Watch Restaurant Group from $24.00 to $32.00 and gave the stock a buy rating in a report on Wednesday, March 6th. Barclays dropped their price objective on First Watch Restaurant Group from $29.00 to $27.00 and set an overweight rating on the stock in a report on Wednesday, May 8th. Finally, Stifel Nicolaus increased their price target on First Watch Restaurant Group from $20.00 to $22.00 and gave the company a hold rating in a report on Wednesday, March 6th. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, First Watch Restaurant Group presently has a consensus rating of Moderate Buy and an average price target of $24.83.

First Watch Restaurant Group Price Performance

FWRG stock opened at $17.82 on Thursday. The company has a current ratio of 0.60, a quick ratio of 0.55 and a debt-to-equity ratio of 0.21. First Watch Restaurant Group has a one year low of $15.77 and a one year high of $25.98. The firm has a market capitalization of $1.08 billion, a PE ratio of 46.90, a P/E/G ratio of 2.31 and a beta of 0.93. The firm has a 50-day moving average of $21.08 and a two-hundred day moving average of $21.58.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.02. The business had revenue of $242.40 million during the quarter, compared to analyst estimates of $245.03 million. First Watch Restaurant Group had a net margin of 2.52% and a return on equity of 4.15%. The firm’s revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.15 earnings per share. On average, analysts forecast that First Watch Restaurant Group will post 0.39 earnings per share for the current year.

Insider Activity

In other news, Director William A. Kussell sold 8,386 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $22.10, for a total value of $185,330.60. Following the completion of the sale, the director now directly owns 12,409 shares of the company’s stock, valued at $274,238.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On First Watch Restaurant Group

Hedge funds have recently modified their holdings of the business. DekaBank Deutsche Girozentrale bought a new stake in shares of First Watch Restaurant Group in the third quarter valued at approximately $35,000. Sunbelt Securities Inc. bought a new stake in shares of First Watch Restaurant Group in the first quarter valued at approximately $65,000. iA Global Asset Management Inc. bought a new stake in shares of First Watch Restaurant Group in the third quarter valued at approximately $95,000. C M Bidwell & Associates Ltd. bought a new position in First Watch Restaurant Group in the third quarter worth $119,000. Finally, Quent Capital LLC bought a new position in First Watch Restaurant Group in the first quarter worth $172,000. 96.11% of the stock is owned by institutional investors.

About First Watch Restaurant Group

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.