First Watch Restaurant Group (NASDAQ:FWRG) Trading 8.3% Higher – Here’s Why

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) were up 8.3% on Tuesday . The stock traded as high as $22.15 and last traded at $22.32. Approximately 153,426 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 450,570 shares. The stock had previously closed at $20.61.

Wall Street Analyst Weigh In

Several equities analysts recently commented on FWRG shares. Barclays raised their target price on First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Stephens restated an “overweight” rating and issued a $25.00 target price on shares of First Watch Restaurant Group in a research note on Tuesday, January 28th. Raymond James increased their target price on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the stock a “strong-buy” rating in a research report on Friday, November 8th. TD Cowen boosted their price target on shares of First Watch Restaurant Group from $18.00 to $21.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Finally, Piper Sandler raised their price objective on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.30.

First Watch Restaurant Group Price Performance

The stock has a 50-day simple moving average of $19.70 and a 200 day simple moving average of $17.79. The stock has a market capitalization of $1.25 billion, a P/E ratio of 62.76, a price-to-earnings-growth ratio of 3.64 and a beta of 0.91. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54.

Institutional Trading of First Watch Restaurant Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in FWRG. Jane Street Group LLC boosted its stake in First Watch Restaurant Group by 1.1% in the third quarter. Jane Street Group LLC now owns 49,358 shares of the company’s stock valued at $770,000 after acquiring an additional 551 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of First Watch Restaurant Group by 3.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,269 shares of the company’s stock valued at $321,000 after purchasing an additional 613 shares during the period. Assetmark Inc. boosted its position in shares of First Watch Restaurant Group by 68.7% in the 4th quarter. Assetmark Inc. now owns 2,455 shares of the company’s stock worth $46,000 after purchasing an additional 1,000 shares during the last quarter. Mariner LLC grew its stake in shares of First Watch Restaurant Group by 5.1% during the fourth quarter. Mariner LLC now owns 21,446 shares of the company’s stock worth $399,000 after purchasing an additional 1,033 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in First Watch Restaurant Group by 2.7% in the fourth quarter. Bank of New York Mellon Corp now owns 78,621 shares of the company’s stock valued at $1,463,000 after purchasing an additional 2,033 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.