First Watch Restaurant Group (NASDAQ:FWRG) Price Target Lowered to $20.00 at Guggenheim

First Watch Restaurant Group (NASDAQ:FWRG) had its price target cut by Guggenheim from $21.00 to $20.00 in a report released on Friday,Benzinga reports. They currently have a buy rating on the stock.

FWRG has been the subject of a number of other research reports. Freedom Capital upgraded shares of First Watch Restaurant Group to a “strong-buy” rating in a research report on Wednesday, July 1st. Stifel Nicolaus set a $14.00 target price on First Watch Restaurant Group in a research report on Tuesday, May 5th. Wall Street Zen downgraded First Watch Restaurant Group from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 18th. Stephens restated an “overweight” rating and issued a $21.00 price target on shares of First Watch Restaurant Group in a research note on Wednesday, May 6th. Finally, DA Davidson reaffirmed a “buy” rating and set a $17.00 price objective on shares of First Watch Restaurant Group in a report on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.56.

First Watch Restaurant Group Stock Down 0.2%

Shares of First Watch Restaurant Group stock opened at $12.42 on Friday. First Watch Restaurant Group has a one year low of $9.97 and a one year high of $19.53. The company has a market cap of $766.44 million, a P/E ratio of 42.83, a PEG ratio of 20.75 and a beta of 1.03. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.25 and a current ratio of 0.27. The firm has a fifty day moving average of $12.11 and a two-hundred day moving average of $12.77.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its earnings results on Tuesday, August 4th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). First Watch Restaurant Group had a net margin of 1.35% and a return on equity of 2.85%. The firm had revenue of $354.67 million during the quarter, compared to analysts’ expectations of $351.57 million. During the same period in the previous year, the firm earned $0.03 EPS. The firm’s revenue was up 15.2% on a year-over-year basis. On average, analysts forecast that First Watch Restaurant Group will post 0.15 earnings per share for the current year.

Institutional Investors Weigh In On First Watch Restaurant Group

Institutional investors have recently modified their holdings of the company. Royal Bank of Canada increased its stake in First Watch Restaurant Group by 67.3% in the 1st quarter. Royal Bank of Canada now owns 54,267 shares of the company’s stock valued at $903,000 after purchasing an additional 21,830 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in First Watch Restaurant Group by 31.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,766 shares of the company’s stock worth $379,000 after purchasing an additional 5,497 shares in the last quarter. Legal & General Group Plc boosted its position in First Watch Restaurant Group by 1.6% during the second quarter. Legal & General Group Plc now owns 45,531 shares of the company’s stock worth $730,000 after purchasing an additional 724 shares in the last quarter. Rhumbline Advisers grew its holdings in First Watch Restaurant Group by 45.8% in the second quarter. Rhumbline Advisers now owns 73,882 shares of the company’s stock valued at $1,185,000 after purchasing an additional 23,205 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in First Watch Restaurant Group by 43.4% in the second quarter. American Century Companies Inc. now owns 72,166 shares of the company’s stock valued at $1,158,000 after purchasing an additional 21,846 shares during the last quarter. Hedge funds and other institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc (NASDAQ: FWRG) operates a specialty daytime dining concept focused on breakfast, brunch and lunch. The company’s casual, full-service cafés emphasize fresh ingredients, made-to-order entrées and a seasonally driven menu that ranges from omelets and Benedicts to salads, skillets and afternoon sandwiches. First Watch positions itself as a daytime-only destination, with most locations opening early morning and closing by mid-afternoon.

Founded in 1983 by Ken Pendery and John Sullivan in Pacific Grove, California, First Watch began as a single café and gradually expanded through company-owned and select franchised locations.