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

Allspring Global Investments Holdings LLC lifted its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 0.2% in the third quarter, HoldingsChannel reports. The firm owned 527,064 shares of the company’s stock after acquiring an additional 1,032 shares during the period. Allspring Global Investments Holdings LLC’s holdings in First Watch Restaurant Group were worth $8,222,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the stock. Sunbelt Securities Inc. purchased a new position in First Watch Restaurant Group during the first quarter worth $65,000. Quent Capital LLC purchased a new stake in First Watch Restaurant Group during the 1st quarter worth about $172,000. SG Americas Securities LLC acquired a new position in First Watch Restaurant Group in the 3rd quarter valued at about $119,000. Janus Henderson Group PLC purchased a new position in First Watch Restaurant Group in the 1st quarter valued at about $226,000. Finally, LVW Advisors LLC acquired a new stake in shares of First Watch Restaurant Group during the 1st quarter worth about $227,000. 96.11% of the stock is currently owned by institutional investors and hedge funds.

First Watch Restaurant Group Stock Performance

First Watch Restaurant Group stock opened at $16.94 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.57 and a quick ratio of 0.52. 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 cap of $1.02 billion, a price-to-earnings ratio of 44.58, a price-to-earnings-growth ratio of 2.73 and a beta of 0.87. The stock’s 50-day moving average is $15.69 and its 200-day moving average is $17.69.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. First Watch Restaurant Group had a net margin of 2.51% and a return on equity of 4.24%. The firm had revenue of $258.60 million for the quarter, compared to analysts’ expectations of $257.65 million. During the same period in the previous year, the company posted $0.13 earnings per share. First Watch Restaurant Group’s revenue was up 19.6% compared to the same quarter last year. Equities analysts anticipate that First Watch Restaurant Group, Inc. will post 0.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FWRG. Benchmark reissued 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. TD Cowen reiterated a “hold” rating and issued a $18.00 price target on shares of First Watch Restaurant Group in a report on Thursday, September 12th. Guggenheim reduced 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 note on Friday, October 4th. Bank of America lowered their price objective on First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Finally, Stephens assumed coverage on First Watch Restaurant Group in a research report on Thursday, October 17th. They set an “overweight” rating and a $20.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.00.

About First Watch Restaurant Group

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.