Short Interest in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Drops By 7.2%

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) was the target of a significant decline in short interest in January. As of January 31st, there was short interest totalling 4,650,000 shares, a decline of 7.2% from the January 15th total of 5,010,000 shares. Based on an average daily volume of 715,000 shares, the days-to-cover ratio is currently 6.5 days. Currently, 11.6% of the company’s shares are short sold.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FWRG. Assetmark Inc. raised its holdings in shares of First Watch Restaurant Group by 68.7% in the 4th quarter. Assetmark Inc. now owns 2,455 shares of the company’s stock worth $46,000 after purchasing an additional 1,000 shares during the period. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of First Watch Restaurant Group in the fourth quarter valued at $51,000. State of Wyoming lifted its position in shares of First Watch Restaurant Group by 212.6% during the 4th quarter. State of Wyoming now owns 3,214 shares of the company’s stock valued at $60,000 after buying an additional 2,186 shares during the last quarter. Venturi Wealth Management LLC bought a new position in First Watch Restaurant Group during the fourth quarter worth about $81,000. Finally, BNP Paribas Financial Markets purchased a new stake in shares of First Watch Restaurant Group during the 4th quarter valued at approximately $86,000. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FWRG. Stephens reiterated an “overweight” rating and set a $25.00 target price on shares of First Watch Restaurant Group in a research report on Tuesday, January 28th. Raymond James upped their price objective on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the stock a “strong-buy” rating in a report on Friday, November 8th. 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 report on Friday, November 8th. Piper Sandler upped their price target on First Watch Restaurant Group from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Finally, Barclays raised their price objective on First Watch Restaurant Group from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.30.

First Watch Restaurant Group Stock Performance

Shares of NASDAQ:FWRG traded up $1.62 during midday trading on Tuesday, reaching $22.23. The company had a trading volume of 836,585 shares, compared to its average volume of 473,374. The stock has a market cap of $1.35 billion, a P/E ratio of 67.37, a P/E/G ratio of 3.50 and a beta of 0.91. The company’s 50 day moving average price is $19.66 and its 200 day moving average price is $17.77. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. First Watch Restaurant Group has a 52-week low of $12.90 and a 52-week high of $25.98.

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.