First Watch Restaurant Group (NASDAQ:FWRG) Price Target Lowered to $23.00 at Raymond James

First Watch Restaurant Group (NASDAQ:FWRG – Get Rating) had its price objective reduced by Raymond James from $24.00 to $23.00 in a report issued on Tuesday, Benzinga reports. They currently have an outperform rating on the stock.

A number of other brokerages have also commented on FWRG. Barclays lowered their price objective on First Watch Restaurant Group from $20.00 to $17.00 and set an overweight rating for the company in a research report on Thursday, January 5th. Cowen lowered their price objective on First Watch Restaurant Group from $18.50 to $17.00 and set a market perform rating for the company in a research report on Monday, November 7th. Citigroup lowered their price objective on First Watch Restaurant Group from $22.00 to $20.00 and set a buy rating for the company in a research report on Tuesday, November 8th. Finally, Cowen decreased their target price on First Watch Restaurant Group to $17.00 in a research report on Tuesday, November 15th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $20.38.

First Watch Restaurant Group Stock Performance

First Watch Restaurant Group stock opened at $16.08 on Tuesday. The stock has a 50-day simple moving average of $14.86 and a 200 day simple moving average of $15.71. The company has a quick ratio of 0.66, a current ratio of 0.70 and a debt-to-equity ratio of 0.18. First Watch Restaurant Group has a 12-month low of $11.57 and a 12-month high of $18.95. The stock has a market capitalization of $951.94 million, a price-to-earnings ratio of 321.66, a P/E/G ratio of 1.41 and a beta of 0.87.

Hedge Funds Weigh In On First Watch Restaurant Group

Institutional investors and hedge funds have recently modified their holdings of the business. Captrust Financial Advisors grew its position in shares of First Watch Restaurant Group by 170.4% in the 2nd quarter. Captrust Financial Advisors now owns 2,028 shares of the company’s stock valued at $29,000 after purchasing an additional 1,278 shares during the period. Tower Research Capital LLC TRC grew its position in shares of First Watch Restaurant Group by 355.7% in the 3rd quarter. Tower Research Capital LLC TRC now owns 2,274 shares of the company’s stock valued at $32,000 after purchasing an additional 1,775 shares during the period. Quantbot Technologies LP bought a new stake in First Watch Restaurant Group in the 1st quarter valued at approximately $92,000. PDT Partners LLC bought a new stake in First Watch Restaurant Group in the 1st quarter valued at approximately $137,000. Finally, Rhumbline Advisers bought a new stake in First Watch Restaurant Group in the 1st quarter valued at approximately $137,000. 96.36% of the stock is currently owned by institutional investors and hedge funds.

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.