First Watch Restaurant Group (NASDAQ:FWRG) Shares Up 6.5% Following Analyst Upgrade

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) shares rose 6.5% during 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. Approximately 223,686 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 550,294 shares. The stock had previously closed at $16.83.

FWRG has been the subject of several other research reports. Stephens reissued an "overweight" rating and set a $25.00 target price on shares of First Watch Restaurant Group in a research note on Tuesday. TD Securities reissued a "hold" rating and set a $21.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, First Watch Restaurant Group presently has a consensus rating of "Moderate Buy" and an average price target of $22.36.

Institutional Investors Weigh In On First Watch Restaurant Group

Large investors have recently bought and sold shares of the stock. Champlain Investment Partners LLC lifted its position in shares of First Watch Restaurant Group by 59.0% in the fourth quarter. Champlain Investment Partners LLC now owns 2,582,303 shares of the company's stock valued at $48,057,000 after acquiring an additional 958,417 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of First Watch Restaurant Group by 25.6% during the fourth quarter. Vanguard Group Inc. now owns 2,351,614 shares of the company's stock worth $43,764,000 after buying an additional 479,741 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of First Watch Restaurant Group by 7.8% in the fourth quarter. JPMorgan Chase & Co. now owns 2,141,209 shares of the company's stock valued at $39,848,000 after buying an additional 154,784 shares during the last quarter. Lazard Asset Management LLC purchased a new position in shares of First Watch Restaurant Group during the fourth quarter valued at approximately $39,095,000. Finally, 12 West Capital Management LP boosted its position in First Watch Restaurant Group by 20.2% during the fourth quarter. 12 West Capital Management LP now owns 2,013,406 shares of the company's stock worth $37,469,000 after acquiring an additional 337,920 shares during the last quarter. Institutional investors and hedge funds own 96.11% of the company's stock.

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First Watch Restaurant Group Price Performance

The company's 50 day simple moving average is $19.89 and its 200 day simple moving average is $18.13. 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 $994.56 million, a PE ratio of 49.76, a PEG ratio of 3.38 and a beta of 0.90.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its earnings results 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). The business had revenue of $263.30 million for the quarter, compared to analysts' expectations of $262.82 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The business's quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.04 earnings per share. On average, equities analysts anticipate that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current year.

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.