First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Up 4.7% - What's Next?

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report)'s share price was up 4.7% during trading on Thursday . The stock traded as high as $15.70 and last traded at $15.68. Approximately 206,010 shares changed hands during trading, a decline of 64% from the average daily volume of 573,906 shares. The stock had previously closed at $14.97.

Analysts Set New Price Targets

FWRG has been the subject of several research reports. Barclays decreased their price objective on shares of First Watch Restaurant Group from $27.00 to $21.00 and set an "overweight" rating for the company in a report on Wednesday, August 7th. TD Cowen restated a "hold" rating and issued a $18.00 price target on shares of First Watch Restaurant Group in a research note on Thursday, September 12th. Guggenheim reduced their price objective on First Watch Restaurant Group from $24.00 to $20.00 and set a "buy" rating for the company 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 on the stock in a research note on Wednesday, July 17th. Finally, Stephens assumed coverage on First Watch Restaurant Group in a report on Thursday. They set an "overweight" rating and a $20.00 price target for the company. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $22.33.

First Watch Restaurant Group Stock Up 10.5 %

The company has a market capitalization of $998.57 million, a PE ratio of 41.55, a PEG ratio of 2.09 and a beta of 0.87. 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 company's 50 day moving average is $15.62 and its two-hundred day moving average is $18.01.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.02. First Watch Restaurant Group had a return on equity of 4.24% and a net margin of 2.51%. The firm had revenue of $258.60 million for the quarter, compared to analysts' expectations of $257.65 million. During the same period in the previous year, the firm posted $0.13 earnings per share. The business's revenue was up 19.6% compared to the same quarter last year. On average, analysts anticipate that First Watch Restaurant Group, Inc. will post 0.34 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP raised its stake in First Watch Restaurant Group by 5.8% during the fourth quarter. Wellington Management Group LLP now owns 401,062 shares of the company's stock valued at $8,061,000 after purchasing an additional 22,024 shares in the last quarter. Sunbelt Securities Inc. purchased a new stake in shares of First Watch Restaurant Group during the 1st quarter valued at about $65,000. LVW Advisors LLC bought a new position in shares of First Watch Restaurant Group in the 1st quarter valued at about $227,000. Deepwater Asset Management LLC grew its position in First Watch Restaurant Group by 275.3% in the first quarter. Deepwater Asset Management LLC now owns 412,884 shares of the company's stock worth $10,165,000 after acquiring an additional 302,878 shares in the last quarter. Finally, Capstone Investment Advisors LLC bought a new stake in First Watch Restaurant Group during the first quarter worth approximately $926,000. 96.11% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.