TD Cowen Trims First Watch Restaurant Group (NASDAQ:FWRG) Target Price to $25.00

First Watch Restaurant Group (NASDAQ:FWRG) had its price target dropped by equities researchers at TD Cowen from $26.00 to $25.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “hold” rating on the stock. TD Cowen’s price target indicates a potential upside of 14.42% from the stock’s previous close.

FWRG has been the topic of several other research reports. Citigroup lifted their price objective on shares of First Watch Restaurant Group from $24.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Stifel Nicolaus lifted their price target on shares of First Watch Restaurant Group from $20.00 to $22.00 and gave the stock a “hold” rating in a research report on Wednesday, March 6th. Raymond James increased their price objective on First Watch Restaurant Group from $23.00 to $25.00 and gave the company a “strong-buy” rating in a research report on Thursday, January 25th. Finally, Barclays decreased their target price on First Watch Restaurant Group from $29.00 to $27.00 and set an “overweight” rating on the stock in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $25.50.

First Watch Restaurant Group Stock Performance

Shares of FWRG traded up $0.34 during trading hours on Wednesday, reaching $21.85. 1,067,271 shares of the company’s stock traded hands, compared to its average volume of 513,539. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of 53.29, a P/E/G ratio of 2.35 and a beta of 1.07. The business’s fifty day simple moving average is $23.93 and its two-hundred day simple moving average is $21.26. First Watch Restaurant Group has a twelve month low of $15.67 and a twelve month high of $25.98. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.62 and a quick ratio of 0.57.

First Watch Restaurant Group (NASDAQ:FWRG) last released its 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. First Watch Restaurant Group had a return on equity of 4.62% and a net margin of 2.85%. The firm had revenue of $242.40 million during the quarter, compared to the consensus estimate of $245.03 million. During the same period in the prior year, the firm posted $0.15 earnings per share. The firm’s revenue for the quarter was up 14.7% compared to the same quarter last year. Analysts predict that First Watch Restaurant Group will post 0.45 earnings per share for the current year.

Insider Activity at First Watch Restaurant Group

In other First Watch Restaurant Group news, Director Tricia Glynn sold 6,900,000 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $23.99, for a total value of $165,531,000.00. Following the completion of the sale, the director now owns 27,189,784 shares of the company’s stock, valued at $652,282,918.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other First Watch Restaurant Group news, Director Tricia Glynn sold 6,900,000 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $23.99, for a total value of $165,531,000.00. Following the sale, the director now directly owns 27,189,784 shares in the company, valued at $652,282,918.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher Anthony Tomasso sold 121,995 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $24.45, for a total value of $2,982,777.75. Following the completion of the transaction, the chief executive officer now directly owns 431,871 shares in the company, valued at $10,559,245.95. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,085,127 shares of company stock valued at $170,038,222. Insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of institutional investors have recently modified their holdings of FWRG. Invesco Ltd. acquired a new stake in shares of First Watch Restaurant Group in the third quarter valued at approximately $8,940,000. 12 West Capital Management LP acquired a new position in First Watch Restaurant Group during the 3rd quarter valued at about $3,717,000. Swiss National Bank raised its stake in shares of First Watch Restaurant Group by 53.1% during the third quarter. Swiss National Bank now owns 58,800 shares of the company’s stock worth $1,017,000 after buying an additional 20,400 shares during the last quarter. New York State Common Retirement Fund lifted its stake in shares of First Watch Restaurant Group by 201.4% in the 3rd quarter. New York State Common Retirement Fund now owns 75,718 shares of the company’s stock valued at $1,309,000 after purchasing an additional 50,599 shares during the period. Finally, Barclays PLC increased its holdings in First Watch Restaurant Group by 48.5% in the third quarter. Barclays PLC now owns 32,264 shares of the company’s stock valued at $557,000 after purchasing an additional 10,534 shares during the last quarter. 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.