First Watch Restaurant Group Reports Quarterly Earnings Missing Estimates

First Watch Restaurant Group (NASDAQ:FWRG) released its quarterly earnings results on Thursday. The company reported earnings of $0.03 per share (EPS) for the quarter, which fell short of analysts' consensus estimates of $0.05 by $0.02, according to reports from Briefing.com. For the quarter, the company reported revenue of $251.61 million, compared to expectations of $256.17 million.

First Watch Restaurant Group achieved a net margin of 2.51% and a return on equity of 4.24%. The company's revenue showed an impressive growth of 14.8% year-over-year. In the same quarter of the previous year, the firm had an EPS of $0.09.

First Watch Restaurant Group Stock Performance

Following the earnings announcement, First Watch Restaurant Group's stock saw a decline, trading down by $0.38 on Friday to reach $20.45. The trading volume for the company was 546,230 shares, below its average volume of 580,472. The company's financial ratios indicate a current ratio of 0.57, a quick ratio of 0.52, and a debt-to-equity ratio of 0.33. Over the past twelve months, the stock has seen a low of $12.90 and a high of $25.98. Its 50-day moving average price stands at $15.82, with a 200-day moving average of $17.42. First Watch Restaurant Group holds a market capitalization of $1.24 billion, a price-to-earnings ratio of 52.72, a PEG ratio of 4.71, and a beta of 0.85.

Analyst Predictions for Growth

Several equity research analysts have recently provided updates on First Watch Restaurant Group. Stephens raised their target price from $20.00 to $25.00 and assigned an "overweight" rating to the stock in a report issued on Friday. TD Cowen maintained a "hold" rating with a price target of $18.00 on September 12th. Barclays also raised its target price on First Watch shares from $18.00 to $22.00 while maintaining an "overweight" rating. Conversely, Bank of America lowered its price target from $29.00 to $24.00, rating the stock as a "buy" in a report on July 17th. Raymond James increased its target price from $22.00 to $25.00 and assigned a "strong buy" rating in a report released on Friday. Current consensus ratings show two analysts with a hold rating, six with a buy rating, and one issuing a strong buy. According to MarketBeat data, First Watch Restaurant Group has a consensus rating of "Moderate Buy" and an average price target of $23.00.

About First Watch Restaurant Group

First Watch Restaurant Group, Inc., operates and franchises restaurants under the First Watch name across the United States. The company was previously known as AI Fresh Super Holdco, Inc. before changing its name to First Watch Restaurant Group, Inc. in December 2019. Founded in 1983, First Watch is based in Bradenton, Florida.

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