Allspring Global Investments Holdings LLC Takes Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Allspring Global Investments Holdings LLC acquired a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRGGet Rating) during the third quarter, Holdings Channel reports. The fund acquired 388,100 shares of the company’s stock, valued at approximately $5,619,000.

Other large investors have also recently added to or reduced their stakes in the company. Captrust Financial Advisors lifted its holdings in First Watch Restaurant Group by 170.4% in the second quarter. Captrust Financial Advisors now owns 2,028 shares of the company’s stock valued at $29,000 after acquiring an additional 1,278 shares during the last quarter. Quantbot Technologies LP acquired a new position in First Watch Restaurant Group during the first quarter worth $92,000. PDT Partners LLC acquired a new position in First Watch Restaurant Group during the first quarter worth $137,000. Rhumbline Advisers acquired a new position in First Watch Restaurant Group during the first quarter worth $137,000. Finally, Hsbc Holdings PLC acquired a new position in First Watch Restaurant Group during the first quarter worth $147,000. 96.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on FWRG shares. Barclays decreased their price target on First Watch Restaurant Group from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Thursday, January 5th. Cowen dropped their target price on First Watch Restaurant Group to $17.00 in a report on Tuesday, November 15th. Cowen dropped their target price on First Watch Restaurant Group from $18.50 to $17.00 and set a “market perform” rating on the stock in a report on Monday, November 7th. Finally, Citigroup dropped their target price on First Watch Restaurant Group from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, November 8th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.00.

First Watch Restaurant Group Stock Performance

Shares of FWRG stock opened at $16.08 on Tuesday. The stock’s 50-day moving average is $14.71 and its two-hundred day moving average is $15.64. The firm has a market cap of $951.94 million, a price-to-earnings ratio of 321.66, a PEG ratio of 1.33 and a beta of 0.87. First Watch Restaurant Group, Inc. has a 1 year low of $11.57 and a 1 year high of $18.95. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.66 and a current ratio of 0.70.

About First Watch Restaurant Group

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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.

Further Reading

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Institutional Ownership by Quarter for First Watch Restaurant Group (NASDAQ:FWRG)

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