First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Up 12.3% - Here's Why

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) rose 12.3% on Thursday . The stock traded as high as $20.60 and last traded at $20.50. Approximately 106,528 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 573,390 shares. The stock had previously closed at $18.25.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on FWRG shares. Barclays cut their price target on First Watch Restaurant Group from $21.00 to $18.00 and set an "overweight" rating for the company in a report on Tuesday, October 22nd. Guggenheim reduced their target price on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a "buy" rating on the stock in a research report on Friday, October 4th. Bank of America lowered their price objective on shares of First Watch Restaurant Group from $29.00 to $24.00 and set a "buy" rating for the company in a research note on Wednesday, July 17th. Benchmark restated a "buy" rating and set a $23.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, October 16th. Finally, Stephens initiated coverage on First Watch Restaurant Group in a research report on Thursday, October 17th. They set an "overweight" rating and a $20.00 price target on the stock. Two 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 company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $22.00.

First Watch Restaurant Group Stock Performance

The company has a quick ratio of 0.52, a current ratio of 0.57 and a debt-to-equity ratio of 0.33. The stock has a 50-day moving average of $15.74 and a 200 day moving average of $17.40. The stock has a market cap of $1.25 billion, a PE ratio of 53.38, a P/E/G ratio of 4.71 and a beta of 0.85.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced its earnings results on Tuesday, August 6th. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.02. The company had revenue of $258.60 million during the quarter, compared to analyst estimates of $257.65 million. First Watch Restaurant Group had a net margin of 2.51% and a return on equity of 4.24%. First Watch Restaurant Group's revenue was up 19.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.13 earnings per share. Equities analysts predict that First Watch Restaurant Group, Inc. will post 0.33 EPS for the current fiscal year.

Institutional Trading of First Watch Restaurant Group

Hedge funds have recently made changes to their positions in the business. Mutual of America Capital Management LLC purchased a new stake in shares of First Watch Restaurant Group during the third quarter worth $5,757,000. Versor Investments LP purchased a new position in First Watch Restaurant Group in the third quarter worth approximately $201,000. Rocky Mountain Advisers LLC raised its holdings in shares of First Watch Restaurant Group by 180.1% in the 3rd quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company's stock valued at $103,000 after purchasing an additional 4,250 shares in the last quarter. Stephens Investment Management Group LLC grew its stake in shares of First Watch Restaurant Group by 33.2% during the third quarter. Stephens Investment Management Group LLC now owns 503,678 shares of the company's stock worth $7,857,000 after purchasing an additional 125,452 shares in the last quarter. Finally, Rice Hall James & Associates LLC increased its holdings in First Watch Restaurant Group by 164.0% in the third quarter. Rice Hall James & Associates LLC now owns 87,799 shares of the company's stock valued at $1,370,000 after buying an additional 54,546 shares during the last quarter. Institutional investors and hedge funds own 96.11% of the company's stock.

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.

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