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

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

Analyst Upgrades and Downgrades

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

First Watch Restaurant Group Price Performance

The stock has a fifty day moving average of $19.66 and a two-hundred day moving average of $17.77. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of 67.37, a PEG ratio of 3.50 and a beta of 0.91.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Assetmark Inc. increased its position in First Watch Restaurant Group by 68.7% in the 4th quarter. Assetmark Inc. now owns 2,455 shares of the company’s stock valued at $46,000 after acquiring an additional 1,000 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of First Watch Restaurant Group during the fourth quarter valued at approximately $51,000. State of Wyoming increased its holdings in shares of 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 purchasing an additional 2,186 shares in the last quarter. Venturi Wealth Management LLC bought a new position in First Watch Restaurant Group in the 4th quarter worth approximately $81,000. Finally, BNP Paribas Financial Markets bought a new position in First Watch Restaurant Group in the 4th quarter valued at $86,000. 96.11% of the stock is owned by institutional investors.

First Watch Restaurant Group Company Profile

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.