First Watch Restaurant Group (NASDAQ:FWRG) Issues Quarterly Earnings Results, Misses Expectations By $0.02 EPS

First Watch Restaurant Group (NASDAQ:FWRG) announced its earnings results on Thursday. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02), Briefing.com reports. First Watch Restaurant Group had a return on equity of 4.24% and a net margin of 2.51%. The company had revenue of $251.61 million during the quarter, compared to analyst estimates of $256.17 million. During the same period in the previous year, the company posted $0.09 earnings per share. First Watch Restaurant Group’s revenue for the quarter was up 14.8% on a year-over-year basis. First Watch Restaurant Group updated its FY 2024 guidance to EPS.

First Watch Restaurant Group Stock Performance

Shares of FWRG stock opened at $21.07 on Friday. The company has a fifty day moving average price of $15.91 and a two-hundred day moving average price of $17.37. First Watch Restaurant Group has a one year low of $12.90 and a one year high of $25.98. The stock has a market cap of $1.27 billion, a P/E ratio of 54.03, a P/E/G ratio of 5.09 and a beta of 0.85. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.57 and a quick ratio of 0.52.

Analyst Ratings Changes

Several research firms have recently weighed in on FWRG. Stephens upped their price objective on First Watch Restaurant Group from $20.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday. Raymond James upped their price target on First Watch Restaurant Group from $22.00 to $25.00 and gave the stock a “strong-buy” rating in a research report on Friday. Barclays raised their price target on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday. Benchmark reissued a “buy” rating and issued a $23.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Finally, TD Cowen raised their target price on shares of First Watch Restaurant Group from $18.00 to $21.00 and gave the company a “hold” rating in a research report on Friday. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, First Watch Restaurant Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.33.

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.