Brokerages Set First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Price Target at $23.30

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) has been assigned a consensus rating of “Moderate Buy” from the ten brokerages that are covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $23.30.

Several brokerages recently weighed in on FWRG. TD Cowen lifted their price objective on shares of First Watch Restaurant Group from $18.00 to $21.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Piper Sandler lifted their price objective on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Benchmark reiterated a “buy” rating and issued a $23.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Barclays lifted their price objective on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Finally, Raymond James lifted their price objective on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the company a “strong-buy” rating in a research report on Friday, November 8th.

Hedge Funds Weigh In On First Watch Restaurant Group

Hedge funds have recently made changes to their positions in the business. Jane Street Group LLC increased its position in shares of First Watch Restaurant Group by 1.1% in the third quarter. Jane Street Group LLC now owns 49,358 shares of the company’s stock worth $770,000 after acquiring an additional 551 shares in the last quarter. Assetmark Inc. lifted its stake in First Watch Restaurant Group by 68.7% in the fourth quarter. Assetmark Inc. now owns 2,455 shares of the company’s stock valued at $46,000 after acquiring an additional 1,000 shares during the last quarter. Diversified Trust Co raised its position in shares of First Watch Restaurant Group by 9.8% in the third quarter. Diversified Trust Co now owns 15,750 shares of the company’s stock valued at $246,000 after purchasing an additional 1,400 shares during the period. Bank of New York Mellon Corp raised its position in shares of First Watch Restaurant Group by 2.7% in the fourth quarter. Bank of New York Mellon Corp now owns 78,621 shares of the company’s stock valued at $1,463,000 after purchasing an additional 2,033 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. bought a new position in First Watch Restaurant Group during the fourth quarter worth $51,000. Institutional investors and hedge funds own 96.11% of the company’s stock.

First Watch Restaurant Group Trading Down 2.2 %

First Watch Restaurant Group stock opened at $20.48 on Friday. The firm’s 50-day moving average is $19.53 and its 200-day moving average is $17.59. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54. First Watch Restaurant Group has a 1 year low of $12.90 and a 1 year high of $25.98. The company has a market cap of $1.24 billion, a P/E ratio of 62.06, a PEG ratio of 3.50 and a beta of 0.91.

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.