Raymond James & Associates Increases Stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Raymond James & Associates boosted its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 26.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 285,007 shares of the company’s stock after purchasing an additional 58,994 shares during the period. Raymond James & Associates owned about 0.47% of First Watch Restaurant Group worth $4,446,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Quent Capital LLC purchased a new position in shares of First Watch Restaurant Group during the first quarter valued at approximately $172,000. SG Americas Securities LLC purchased a new position in shares of First Watch Restaurant Group during the third quarter valued at approximately $119,000. Janus Henderson Group PLC purchased a new position in shares of First Watch Restaurant Group during the first quarter valued at approximately $226,000. Quantbot Technologies LP purchased a new position in shares of First Watch Restaurant Group during the first quarter valued at approximately $322,000. Finally, Diversified Trust Co purchased a new position in shares of First Watch Restaurant Group during the second quarter valued at approximately $252,000. 96.11% of the stock is owned by hedge funds and other institutional investors.

First Watch Restaurant Group Trading Up 1.0 %

First Watch Restaurant Group stock opened at $17.17 on Friday. The company has a current ratio of 0.57, a quick ratio of 0.52 and a debt-to-equity ratio of 0.33. The business’s fifty day simple moving average is $15.71 and its two-hundred day simple moving average is $17.52. First Watch Restaurant Group, Inc. has a 12 month low of $12.90 and a 12 month high of $25.98. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of 44.03, a price-to-earnings-growth ratio of 4.65 and a beta of 0.85.

First Watch Restaurant Group (NASDAQ:FWRG) last released its earnings results on Tuesday, August 6th. The company reported $0.14 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 business had revenue of $258.60 million for the quarter, compared to the consensus estimate of $257.65 million. During the same period in the previous year, the company posted $0.13 earnings per share. The company’s revenue for the quarter was up 19.6% compared to the same quarter last year. As a group, equities analysts predict that First Watch Restaurant Group, Inc. will post 0.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on FWRG shares. Stephens started coverage on First Watch Restaurant Group in a research note on Thursday, October 17th. They set an “overweight” rating and a $20.00 target price on the stock. Guggenheim dropped their price target on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday, October 4th. Benchmark restated a “buy” rating and set a $23.00 price target on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Barclays dropped their price target on First Watch Restaurant Group from $21.00 to $18.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Finally, Bank of America dropped 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 report on Wednesday, July 17th. Two 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. According to MarketBeat, First Watch Restaurant Group currently has a consensus rating of “Moderate Buy” and an average target price of $22.00.

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.