First Watch Restaurant Group (NASDAQ:FWRG) Sees Large Volume Increase

First Watch Restaurant Group, Inc. (NASDAQ:FWRGGet Rating) shares saw strong trading volume on Thursday . 16,340 shares traded hands during mid-day trading, a decline of 87% from the previous session’s volume of 129,770 shares.The stock last traded at $15.42 and had previously closed at $15.89.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Stifel Nicolaus increased their target price on First Watch Restaurant Group from $20.00 to $23.00 in a research report on Tuesday, August 9th. Citigroup raised their price target on First Watch Restaurant Group to $23.00 in a report on Monday, August 15th. Barclays raised their price target on First Watch Restaurant Group from $16.00 to $19.00 and gave the company an “overweight” rating in a report on Thursday, June 9th. The Goldman Sachs Group raised their price target on First Watch Restaurant Group from $19.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday, August 10th. Finally, Cowen raised their price target on First Watch Restaurant Group from $15.00 to $18.50 and gave the company a “market perform” rating in a report on Wednesday, August 10th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $22.68.

First Watch Restaurant Group Price Performance

The company has a 50 day moving average of $16.70 and a two-hundred day moving average of $14.63. The firm has a market cap of $892.70 million and a P/E ratio of 215.89. The company has a quick ratio of 0.71, a current ratio of 0.75 and a debt-to-equity ratio of 0.19.

First Watch Restaurant Group (NASDAQ:FWRGGet Rating) last announced its earnings results on Tuesday, August 9th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. First Watch Restaurant Group had a return on equity of 0.75% and a net margin of 0.51%. The business had revenue of $184.45 million during the quarter, compared to analysts’ expectations of $176.97 million. Sell-side analysts expect that First Watch Restaurant Group, Inc. will post 0.2 EPS for the current year.

Hedge Funds Weigh In On First Watch Restaurant Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Northern Trust Corp acquired a new position in shares of First Watch Restaurant Group in the 4th quarter valued at $1,550,000. Rokos Capital Management LLP acquired a new position in shares of First Watch Restaurant Group in the 4th quarter valued at $849,000. Shellback Capital LP acquired a new position in shares of First Watch Restaurant Group in the 4th quarter valued at $503,000. LGT Capital Partners LTD. boosted its position in shares of First Watch Restaurant Group by 12.1% in the 1st quarter. LGT Capital Partners LTD. now owns 365,000 shares of the company’s stock valued at $4,763,000 after purchasing an additional 39,530 shares during the period. Finally, Teacher Retirement System of Texas acquired a new position in shares of First Watch Restaurant Group in the 4th quarter valued at $838,000. Institutional investors and hedge funds own 95.47% of the company’s stock.

First Watch Restaurant Group Company Profile

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First Watch Restaurant Group, Inc operates and franchises restaurants under the First Watch trade name. As of September 7, 2022, it operated 445 restaurants in 28 states 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.

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