New York State Common Retirement Fund Raises Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

New York State Common Retirement Fund grew its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 51.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 519,637 shares of the company's stock after acquiring an additional 176,350 shares during the period. New York State Common Retirement Fund owned about 0.86% of First Watch Restaurant Group worth $9,670,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of FWRG. Raymond James & Associates grew 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 acquiring an additional 58,994 shares during the period. Deepwater Asset Management LLC boosted its holdings in First Watch Restaurant Group by 15.4% in the 3rd quarter. Deepwater Asset Management LLC now owns 802,625 shares of the company's stock worth $12,521,000 after buying an additional 106,976 shares during the period. Rice Hall James & Associates LLC boosted its holdings in First Watch Restaurant Group by 164.0% in the 3rd quarter. Rice Hall James & Associates LLC now owns 87,799 shares of the company's stock worth $1,370,000 after buying an additional 54,546 shares during the period. Stephens Investment Management Group LLC boosted its holdings in First Watch Restaurant Group by 33.2% in the 3rd quarter. Stephens Investment Management Group LLC now owns 503,678 shares of the company's stock worth $7,857,000 after buying an additional 125,452 shares during the period. Finally, Rocky Mountain Advisers LLC boosted its holdings in 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 worth $103,000 after buying an additional 4,250 shares during the period. 96.11% of the stock is owned by institutional investors.

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First Watch Restaurant Group Price Performance

Shares of First Watch Restaurant Group stock traded up $0.30 on Friday, hitting $21.32. 983,987 shares of the company traded hands, compared to its average volume of 516,528. The firm's 50-day simple moving average is $19.94 and its 200 day simple moving average is $18.02. 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 company has a market cap of $1.29 billion, a P/E ratio of 64.61, a P/E/G ratio of 3.38 and a beta of 0.91. First Watch Restaurant Group, Inc. has a 12-month low of $12.90 and a 12-month high of $25.98.

Analyst Upgrades and Downgrades

FWRG has been the subject of several analyst reports. Stephens reaffirmed an "overweight" rating and issued a $25.00 price objective on shares of First Watch Restaurant Group in a report on Tuesday, January 28th. TD Cowen raised their price objective on shares of First Watch Restaurant Group from $18.00 to $21.00 and gave the stock a "hold" rating in a report on Friday, November 8th. Raymond James raised their price objective 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. Piper Sandler raised their price objective on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Monday, November 11th. Finally, Barclays raised their price target on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the company an "overweight" rating in a report on Friday, November 8th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $23.30.

First Watch Restaurant Group 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.