Barclays lowers price target for First Watch Restaurant Group (NASDAQ:FWRG) to $21.00

First Watch Restaurant Group (NASDAQ:FWRG – Free Report) Barclays cut their price target to $21.00 from $27.00 in a research note published on Wednesday, Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts have also issued reports on the stock. TD Cowen reiterated a hold rating and issued a $18.00 price target on shares of First Watch Restaurant Group in a research note on Wednesday. Bank of America lowered their price target on shares of First Watch Restaurant Group from $29.00 to $24.00 and issued a buy rating for the company in a research report on Wednesday, July 17. Finally, Stifel Nicolaus lowered their price target on shares of First Watch Restaurant Group from $22.00 to $18.00 and issued a hold rating for the company in a research report on Tuesday, July 2. Two equities analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $23.00.

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First Watch Restaurant Group shares down 2.8%

FWRG shares traded $0.46 lower on Wednesday, reaching $16.23. The trading volume of the company’s shares was 561,476 shares, compared to its average volume of 605,452. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.60 and a quick ratio of 0.55. First Watch Restaurant Group has a 52-week low of $14.05 and a 52-week high of $25.98. The company’s 50-day moving average price is $16.79 and its 200-day moving average price is $20.73. The stock has a market cap of $979.85 million, a price-to-earnings ratio of 42.71, a PEG ratio of 2.15 and a beta of 0.88.

First Watch Restaurant Group (NASDAQ:FWRG – Get Free Report) last released its quarterly earnings results on Tuesday, August 6. The company reported earnings per share (EPS) of $0.14 for the quarter, beating the consensus estimate of $0.12 by $0.02. First Watch Restaurant Group had a net margin of 2.52% and a return on equity of 4.15%. The company had revenue of $258.60 million for the quarter, compared to analyst estimates of $257.65 million. In the same quarter last year, the company generated earnings per share of $0.13. First Watch Restaurant Group’s quarterly revenue grew 19.6% compared to the same quarter last year. Research analysts expect that First Watch Restaurant Group will report earnings per share of $0.37 for the current year.

Institutional inflows and outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sunbelt Securities Inc. bought a new position in shares of First Watch Restaurant Group in the 1st quarter valued at about $65,000. Quent Capital LLC bought a new position in shares of First Watch Restaurant Group in the 1st quarter valued at about $172,000. Janus Henderson Group PLC bought a new position in shares of First Watch Restaurant Group in the 1st quarter valued at about $226,000. LVW Advisors LLC bought a new position in shares of First Watch Restaurant Group in the 1st quarter valued at about $227,000. Finally, Accent Capital Management LLC bought a new position in shares of First Watch Restaurant Group in the 4th quarter valued at about $211,000. Institutional investors own 96.11% of the company’s shares.

Company profile of First Watch Restaurant Group

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First Watch Restaurant Group, Inc., through its subsidiaries, operates and franchises restaurants in the United States under the trade name First Watch. 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.