First Watch Restaurant Group (NASDAQ:FWRG) Rating Reiterated by TD Cowen

First Watch Restaurant Group (NASDAQ:FWRG – Get Rating)‘s stock had its “market perform” rating reaffirmed by stock analysts at TD Cowen in a report released on Wednesday, Benzinga reports. They currently have a $17.00 target price on the stock. TD Cowen’s price objective suggests a potential upside of 9.54% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Raymond James dropped their target price on shares of First Watch Restaurant Group from $23.00 to $22.00 and set an “outperform” rating for the company in a research report on Wednesday. Citigroup lowered their target price on shares of First Watch Restaurant Group from $22.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, November 8th. Barclays raised their target price on shares of First Watch Restaurant Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a report on Thursday, January 26th. Finally, Cowen lowered their target price on shares of First Watch Restaurant Group to $17.00 in a report on Tuesday, November 15th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.11.

First Watch Restaurant Group Stock Performance

Shares of NASDAQ FWRG opened at $15.52 on Wednesday. The firm has a fifty day moving average price of $15.64 and a 200-day moving average price of $15.64. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.70 and a quick ratio of 0.66. The stock has a market cap of $918.78 million, a PE ratio of 129.33, a price-to-earnings-growth ratio of 1.33 and a beta of 1.07. First Watch Restaurant Group has a 1 year low of $11.57 and a 1 year high of $18.95.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of large investors have recently made changes to their positions in FWRG. Federated Hermes Inc. grew its stake in First Watch Restaurant Group by 23.4% during the 3rd quarter. Federated Hermes Inc. now owns 1,580,300 shares of the company’s stock worth $22,883,000 after buying an additional 300,000 shares during the last quarter. Citadel Advisors LLC acquired a new position in shares of First Watch Restaurant Group during the third quarter valued at about $21,132,000. Neuberger Berman Group LLC boosted its stake in First Watch Restaurant Group by 27.1% in the 1st quarter. Neuberger Berman Group LLC now owns 1,442,843 shares of the company’s stock worth $18,829,000 after purchasing an additional 307,925 shares in the last quarter. Brown Advisory Inc. grew its position in First Watch Restaurant Group by 0.4% during the 4th quarter. Brown Advisory Inc. now owns 1,126,746 shares of the company’s stock worth $15,245,000 after purchasing an additional 4,341 shares during the last quarter. Finally, Granahan Investment Management LLC increased its stake in First Watch Restaurant Group by 0.9% during the 4th quarter. Granahan Investment Management LLC now owns 928,967 shares of the company’s stock valued at $12,569,000 after purchasing an additional 8,611 shares in the last quarter. 96.36% of the stock is owned by institutional investors and hedge funds.

First Watch Restaurant Group Company Profile

(Get Rating)

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.