First Watch Restaurant Group (NASDAQ:FWRG) Trading 8.3% Higher – Time to Buy?

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) was up 8.3% during mid-day trading on Tuesday . The company traded as high as $22.15 and last traded at $22.32. Approximately 153,426 shares were traded 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

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

First Watch Restaurant Group Stock Performance

The stock has a fifty day moving average price of $19.66 and a 200 day moving average price 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 firm has a market cap of $1.35 billion, a price-to-earnings ratio of 67.37, a price-to-earnings-growth ratio of 3.50 and a beta of 0.91.

Hedge Funds Weigh In On First Watch Restaurant Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Assetmark Inc. boosted its holdings in shares of First Watch Restaurant Group by 68.7% during the 4th quarter. Assetmark Inc. now owns 2,455 shares of the company’s stock worth $46,000 after buying an additional 1,000 shares during the period. Whittier Trust Co. of Nevada Inc. acquired a new position in First Watch Restaurant Group during the 4th quarter worth $51,000. State of Wyoming boosted its holdings in First Watch Restaurant Group by 212.6% during the fourth quarter. State of Wyoming now owns 3,214 shares of the company’s stock valued at $60,000 after acquiring an additional 2,186 shares during the period. Venturi Wealth Management LLC acquired a new stake in shares of First Watch Restaurant Group in the fourth quarter valued at about $81,000. Finally, BNP Paribas Financial Markets bought a new position in shares of First Watch Restaurant Group in the fourth quarter worth about $86,000. Institutional investors and hedge funds own 96.11% of the company’s stock.

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.