Raymond James & Associates Has $4.45 Million Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Raymond James & Associates lifted its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 26.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 285,007 shares of the company's stock after buying an additional 58,994 shares during the quarter. Raymond James & Associates owned approximately 0.47% of First Watch Restaurant Group worth $4,446,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. 1832 Asset Management L.P. purchased a new stake in shares of First Watch Restaurant Group in the first quarter worth about $3,333,000. Nicholas Investment Partners LP purchased a new position in First Watch Restaurant Group during the second quarter worth approximately $3,391,000. Deepwater Asset Management LLC boosted its position in First Watch Restaurant Group by 68.5% during the second quarter. Deepwater Asset Management LLC now owns 695,649 shares of the company's stock worth $12,216,000 after purchasing an additional 282,765 shares in the last quarter. Primoris Wealth Advisors LLC purchased a new position in First Watch Restaurant Group during the first quarter worth approximately $1,788,000. Finally, California State Teachers Retirement System boosted its position in First Watch Restaurant Group by 15.6% during the first quarter. California State Teachers Retirement System now owns 31,822 shares of the company's stock worth $783,000 after purchasing an additional 4,294 shares in the last quarter. Hedge funds and other institutional investors own 96.11% of the company's stock.

Analysts Set New Price Targets

FWRG has been the subject of several recent research reports. TD Cowen reaffirmed a "hold" rating and issued a $18.00 price target on shares of First Watch Restaurant Group in a report on Thursday, September 12th. Barclays lowered their price target on First Watch Restaurant Group from $21.00 to $18.00 and set an "overweight" rating for the company in a research report on Tuesday, October 22nd. Guggenheim decreased their target price on First Watch Restaurant Group from $24.00 to $20.00 and set a "buy" rating for the company in a report on Friday, October 4th. Bank of America cut their price target on 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 initiated coverage on First Watch Restaurant Group in a research note on Thursday, October 17th. They issued 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 given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $22.00.

First Watch Restaurant Group Stock Performance

FWRG traded up $0.18 on Friday, hitting $17.17. 316,816 shares of the company's stock were exchanged, compared to its average volume of 562,979. The firm has a market cap of $1.04 billion, a PE ratio of 44.03, a P/E/G ratio of 4.65 and a beta of 0.85. First Watch Restaurant Group, Inc. has a twelve month low of $12.90 and a twelve month high of $25.98. The stock has a fifty day moving average of $15.71 and a two-hundred day moving average of $17.49. The company has a current ratio of 0.57, a quick ratio of 0.52 and a debt-to-equity ratio of 0.33.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.14 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.02. The business had revenue of $258.60 million for 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%. The business's revenue for the quarter was up 19.6% on a year-over-year basis. During the same quarter last year, the business earned $0.13 earnings per share. On average, research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.33 earnings per share for the current fiscal 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.