First Watch Restaurant Group (NASDAQ:FWRG) Trading 8.3% Higher - Still a Buy?

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report)'s stock price rose 8.3% on Tuesday . The company traded as high as $22.15 and last traded at $22.32. Approximately 153,426 shares were traded during trading, a decline of 66% from the average daily volume of 450,570 shares. The stock had previously closed at $20.61.

Wall Street Analysts Forecast Growth

FWRG has been the topic of a number of research reports. Raymond James increased their target price on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the stock a "strong-buy" rating in a report on Friday, November 8th. Barclays boosted 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. TD Cowen boosted their price objective on First Watch Restaurant Group from $18.00 to $21.00 and gave the company a "hold" rating in a research report on Friday, November 8th. Stephens restated 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. Finally, Piper Sandler boosted their price objective on First Watch Restaurant Group from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Monday, November 11th. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.30.

First Watch Restaurant Group Stock Down 2.0 %

The stock has a market cap of $1.23 billion, a P/E ratio of 61.43, a price-to-earnings-growth ratio of 3.51 and a beta of 0.91. 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's 50-day moving average is $19.74 and its 200-day moving average is $17.85.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FWRG. SG Americas Securities LLC bought a new position in First Watch Restaurant Group during the 3rd quarter valued at $119,000. Raymond James & Associates increased its position in shares of First Watch Restaurant Group by 26.1% during the 3rd quarter. Raymond James & Associates now owns 285,007 shares of the company's stock valued at $4,446,000 after purchasing an additional 58,994 shares during the period. Deepwater Asset Management LLC increased its position in shares of First Watch Restaurant Group by 15.4% during the 3rd quarter. Deepwater Asset Management LLC now owns 802,625 shares of the company's stock valued at $12,521,000 after purchasing an additional 106,976 shares during the period. Rice Hall James & Associates LLC increased its position in shares of First Watch Restaurant Group by 164.0% during the 3rd quarter. Rice Hall James & Associates LLC now owns 87,799 shares of the company's stock valued at $1,370,000 after purchasing an additional 54,546 shares during the period. Finally, Stephens Investment Management Group LLC increased its position in shares of First Watch Restaurant Group by 33.2% during the 3rd quarter. Stephens Investment Management Group LLC now owns 503,678 shares of the company's stock valued at $7,857,000 after purchasing an additional 125,452 shares during the period. 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.