Stifel Nicolaus Lowers First Watch Restaurant Group (NASDAQ:FWRG) Price Target to $18.00

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective trimmed by Stifel Nicolaus from $22.00 to $18.00 in a report published on Tuesday morning, Benzinga reports. The firm currently has a hold rating on the stock.

FWRG has been the topic of a number of other research reports. Citigroup upped their target price on First Watch Restaurant Group from $24.00 to $32.00 and gave the company a buy rating in a research note on Wednesday, March 6th. Barclays reduced their target price on First Watch Restaurant Group from $29.00 to $27.00 and set an overweight rating on the stock in a research note on Wednesday, May 8th. Finally, TD Cowen reduced their target price on First Watch Restaurant Group from $25.00 to $21.00 and set a hold rating on the stock in a research note on Thursday, June 13th. Two 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 company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $24.17.

First Watch Restaurant Group Stock Performance

FWRG opened at $16.07 on Tuesday. The stock has a market cap of $970.15 million, a P/E ratio of 42.29, a P/E/G ratio of 2.13 and a beta of 0.88. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.60 and a quick ratio of 0.55. The stock’s 50 day simple moving average is $19.67 and its 200 day simple moving average is $21.47. First Watch Restaurant Group has a 1-year low of $15.90 and a 1-year high of $25.98.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.02. The business had revenue of $242.40 million for the quarter, compared to analysts’ expectations of $245.03 million. First Watch Restaurant Group had a return on equity of 4.15% and a net margin of 2.52%. The company’s revenue was up 14.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.15 EPS. As a group, equities analysts anticipate that First Watch Restaurant Group will post 0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other First Watch Restaurant Group news, Director William A. Kussell sold 8,386 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $22.10, for a total transaction of $185,330.60. Following the transaction, the director now owns 12,409 shares of the company’s stock, valued at approximately $274,238.90. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 5.00% of the company’s stock.

Institutional Trading of First Watch Restaurant Group

A number of institutional investors and hedge funds have recently made changes to their positions in FWRG. WCM Investment Management LLC acquired a new stake in shares of First Watch Restaurant Group during the 1st quarter worth $16,030,000. Invesco Ltd. bought a new position in shares of First Watch Restaurant Group during the third quarter worth about $8,940,000. Foxhaven Asset Management LP lifted its position in shares of First Watch Restaurant Group by 44.3% during the fourth quarter. Foxhaven Asset Management LP now owns 1,046,362 shares of the company’s stock worth $21,032,000 after purchasing an additional 321,375 shares during the last quarter. Deepwater Asset Management LLC lifted its position in shares of First Watch Restaurant Group by 275.3% during the first quarter. Deepwater Asset Management LLC now owns 412,884 shares of the company’s stock worth $10,165,000 after purchasing an additional 302,878 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in First Watch Restaurant Group by 25.1% in the third quarter. Vanguard Group Inc. now owns 1,311,905 shares of the company’s stock worth $22,683,000 after acquiring an additional 263,101 shares during the last quarter. 96.11% of the stock is currently owned by institutional investors and hedge funds.

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.