Raymond James Increases First Watch Restaurant Group (NASDAQ:FWRG) Price Target to $25.00

First Watch Restaurant Group (NASDAQ:FWRG) had its price objective lifted by research analysts at Raymond James from $22.00 to $25.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “strong-buy” rating on the stock. Raymond James’ price target suggests a potential upside of 18.65% from the company’s previous close.

FWRG has been the topic of a number of other reports. Benchmark reissued a “buy” rating and set a $23.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, October 16th. Stephens boosted their target price on shares of First Watch Restaurant Group from $20.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday. Barclays boosted their target price on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday. Bank of America decreased their target price on shares of First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Finally, TD Cowen reiterated a “hold” rating and issued a $18.00 price objective on shares of First Watch Restaurant Group in a research report on Thursday, September 12th. Two 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. Based on data from MarketBeat, First Watch Restaurant Group currently has an average rating of “Moderate Buy” and a consensus price target of $23.33.

First Watch Restaurant Group Stock Up 1.2 %

NASDAQ:FWRG traded up $0.24 during trading hours on Friday, reaching $21.07. The company’s stock had a trading volume of 927,416 shares, compared to its average volume of 554,420. The company has a market capitalization of $1.27 billion, a P/E ratio of 54.03, a price-to-earnings-growth ratio of 5.09 and a beta of 0.85. First Watch Restaurant Group has a 12 month low of $12.90 and a 12 month high of $25.98. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.52 and a current ratio of 0.57. The stock has a 50 day moving average price of $15.91 and a two-hundred day moving average price of $17.37.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.02). First Watch Restaurant Group had a return on equity of 4.24% and a net margin of 2.51%. The firm had revenue of $251.61 million during the quarter, compared to analysts’ expectations of $256.17 million. During the same period in the prior year, the firm posted $0.09 earnings per share. First Watch Restaurant Group’s revenue for the quarter was up 14.8% compared to the same quarter last year. Equities analysts predict that First Watch Restaurant Group will post 0.33 EPS for the current fiscal year.

Institutional Trading of First Watch Restaurant Group

Several hedge funds have recently made changes to their positions in FWRG. Vanguard Group Inc. boosted its position in shares of First Watch Restaurant Group by 18.8% during the 1st quarter. Vanguard Group Inc. now owns 1,611,452 shares of the company’s stock worth $39,674,000 after purchasing an additional 255,307 shares during the period. Dimensional Fund Advisors LP lifted its holdings in First Watch Restaurant Group by 15.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,385,972 shares of the company’s stock worth $24,338,000 after buying an additional 189,740 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in First Watch Restaurant Group by 26.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,340,819 shares of the company’s stock worth $23,545,000 after buying an additional 281,056 shares in the last quarter. Deepwater Asset Management LLC lifted its holdings in First Watch Restaurant Group by 15.4% during the 3rd quarter. Deepwater Asset Management LLC now owns 802,625 shares of the company’s stock worth $12,521,000 after buying an additional 106,976 shares in the last quarter. Finally, Capital Research Global Investors raised its holdings in shares of First Watch Restaurant Group by 17.1% in the 1st quarter. Capital Research Global Investors now owns 776,545 shares of the company’s stock valued at $19,119,000 after purchasing an additional 113,555 shares in the last quarter. Hedge funds and other institutional investors own 96.11% of the company’s stock.

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.