First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Up 6.5% After Analyst Upgrade

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) traded up 6.5% during mid-day trading on Wednesday after Bank of America raised their price target on the stock from $27.00 to $28.00. Bank of America currently has a buy rating on the stock. First Watch Restaurant Group traded as high as $17.83 and last traded at $17.92. 223,686 shares traded hands during trading, a decline of 59% from the average session volume of 550,294 shares. The stock had previously closed at $16.83.

FWRG has been the subject of several other research reports. TD Securities restated a “hold” rating and issued a $21.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday. Stephens restated an “overweight” rating and set a $25.00 price objective on shares of First Watch Restaurant Group in a research report on Tuesday. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, First Watch Restaurant Group has an average rating of “Moderate Buy” and a consensus price target of $22.45.

Institutional Trading of First Watch Restaurant Group

Institutional investors have recently modified their holdings of the business. Assetmark Inc. grew its stake in shares of First Watch Restaurant Group by 68.7% in the fourth 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. Whittier Trust Co. of Nevada Inc. acquired a new position in First Watch Restaurant Group in the fourth quarter valued at $51,000. State of Wyoming lifted its holdings in First Watch Restaurant Group by 212.6% in the fourth quarter. State of Wyoming now owns 3,214 shares of the company’s stock valued at $60,000 after buying an additional 2,186 shares during the period. Venturi Wealth Management LLC acquired a new position in First Watch Restaurant Group in the fourth quarter valued at $81,000. Finally, BNP Paribas Financial Markets acquired a new position in First Watch Restaurant Group in the fourth quarter valued at $86,000. Institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Trading Up 5.6 %

The firm’s fifty day moving average is $19.92 and its 200-day moving average is $18.14. The firm has a market cap of $1.08 billion, a price-to-earnings ratio of 54.01, a price-to-earnings-growth ratio of 3.38 and a beta of 0.90. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings data on Tuesday, March 11th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.01). First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The company had revenue of $263.30 million for the quarter, compared to analyst estimates of $262.82 million. During the same quarter in the prior year, the company posted $0.04 EPS. First Watch Restaurant Group’s revenue for the quarter was up 7.6% on a year-over-year basis. Equities analysts anticipate that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current year.

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.