Citigroup Cuts First Watch Restaurant Group (NASDAQ:FWRG) Price Target to $21.00

First Watch Restaurant Group (NASDAQ:FWRG) had its price target cut by Citigroup from $26.00 to $21.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts have also commented on FWRG. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of First Watch Restaurant Group in a research report on Monday, December 29th. Barclays decreased their target price on First Watch Restaurant Group from $19.00 to $17.00 and set an “overweight” rating for the company in a report on Wednesday. Piper Sandler reiterated an “overweight” rating and issued a $19.00 price target on shares of First Watch Restaurant Group in a report on Tuesday. Guggenheim decreased their price objective on shares of First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday. Finally, TD Cowen cut their target price on shares of First Watch Restaurant Group from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $20.08.

First Watch Restaurant Group Price Performance

FWRG opened at $12.46 on Wednesday. The stock’s 50 day simple moving average is $15.82 and its 200 day simple moving average is $16.72. First Watch Restaurant Group has a 1 year low of $12.16 and a 1 year high of $21.99. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.29 and a quick ratio of 0.21. The firm has a market cap of $761.80 million, a price-to-earnings ratio of 40.19, a PEG ratio of 1.87 and a beta of 0.88.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings results on Tuesday, February 24th. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.16. The business had revenue of $316.35 million for the quarter, compared to analyst estimates of $317.49 million. First Watch Restaurant Group had a net margin of 1.59% and a return on equity of 3.20%. The company’s revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.01 EPS. As a group, analysts predict that First Watch Restaurant Group will post 0.32 earnings per share for the current year.

Insider Activity

In related news, Director William A. Kussell sold 6,165 shares of the stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $17.00, for a total value of $104,805.00. Following the completion of the transaction, the director directly owned 26,402 shares in the company, valued at $448,834. This trade represents a 18.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Watch Restaurant Group

Several large investors have recently made changes to their positions in FWRG. Jones Financial Companies Lllp purchased a new stake in shares of First Watch Restaurant Group in the 3rd quarter worth approximately $30,000. First Horizon Advisors Inc. boosted its holdings in First Watch Restaurant Group by 207.6% in the second quarter. First Horizon Advisors Inc. now owns 1,950 shares of the company’s stock worth $31,000 after acquiring an additional 1,316 shares in the last quarter. State of Wyoming purchased a new stake in shares of First Watch Restaurant Group in the fourth quarter worth $64,000. Kemnay Advisory Services Inc. bought a new position in shares of First Watch Restaurant Group during the fourth quarter valued at $66,000. Finally, BNP Paribas Financial Markets increased its holdings in shares of First Watch Restaurant Group by 61.9% during the second quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company’s stock valued at $70,000 after acquiring an additional 1,673 shares in the last quarter. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

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.