Allspring Global Investments Holdings LLC Raises Stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Allspring Global Investments Holdings LLC grew its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 9.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 576,890 shares of the company's stock after acquiring an additional 49,826 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.95% of First Watch Restaurant Group worth $10,736,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of FWRG. Jane Street Group LLC boosted its stake in First Watch Restaurant Group by 1.1% in the 3rd quarter. Jane Street Group LLC now owns 49,358 shares of the company's stock worth $770,000 after purchasing an additional 551 shares in the last quarter. Rocky Mountain Advisers LLC lifted its stake in shares of First Watch Restaurant Group by 180.1% in the third quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company's stock worth $103,000 after buying an additional 4,250 shares in the last quarter. SRH Advisors LLC lifted its stake in shares of First Watch Restaurant Group by 84.3% in the fourth quarter. SRH Advisors LLC now owns 12,185 shares of the company's stock worth $227,000 after buying an additional 5,575 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of First Watch Restaurant Group by 98.9% during the fourth quarter. SG Americas Securities LLC now owns 15,177 shares of the company's stock valued at $282,000 after buying an additional 7,547 shares during the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of First Watch Restaurant Group during the third quarter valued at approximately $157,000. 96.11% of the stock is owned by hedge funds and other institutional investors.

First Watch Restaurant Group Stock Performance

Shares of First Watch Restaurant Group stock traded down $0.41 on Friday, hitting $20.27. 940,920 shares of the company's stock were exchanged, compared to its average volume of 497,039. First Watch Restaurant Group, Inc. has a 1 year low of $12.90 and a 1 year high of $25.98. The company has a 50-day simple moving average of $19.74 and a 200-day simple moving average of $17.85. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54. The stock has a market capitalization of $1.23 billion, a PE ratio of 61.43, a PEG ratio of 3.51 and a beta of 0.91.

Wall Street Analyst Weigh In

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

First Watch Restaurant Group 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.