Rhumbline Advisers Increases Stock Holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Rhumbline Advisers raised its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 12.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 50,677 shares of the company’s stock after purchasing an additional 5,779 shares during the quarter. Rhumbline Advisers owned 0.08% of First Watch Restaurant Group worth $844,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of FWRG. Venturi Wealth Management LLC purchased a new position in shares of First Watch Restaurant Group in the 4th quarter valued at approximately $81,000. Atria Wealth Solutions Inc. boosted its stake in shares of First Watch Restaurant Group by 41.7% in the fourth quarter. Atria Wealth Solutions Inc. now owns 72,351 shares of the company’s stock valued at $1,346,000 after buying an additional 21,276 shares in the last quarter. New York State Common Retirement Fund boosted its stake in shares of First Watch Restaurant Group by 51.4% in the fourth quarter. New York State Common Retirement Fund now owns 519,637 shares of the company’s stock valued at $9,670,000 after buying an additional 176,350 shares in the last quarter. Bank of New York Mellon Corp boosted its stake 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 buying an additional 2,033 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new stake in shares of First Watch Restaurant Group in the fourth quarter valued at approximately $204,000. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

First Watch Restaurant Group Stock Up 3.3%

FWRG opened at $15.83 on Friday. The business’s fifty day moving average is $16.86 and its two-hundred day moving average is $18.23. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.27 and a current ratio of 0.31. The company has a market cap of $965.47 million, a price-to-earnings ratio of 93.12, a PEG ratio of 4.36 and a beta of 0.90. First Watch Restaurant Group, Inc. has a one year low of $12.90 and a one year high of $22.71.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its earnings results on Tuesday, May 6th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.05). The firm had revenue of $282.24 million for the quarter, compared to analysts’ expectations of $282.98 million. First Watch Restaurant Group had a return on equity of 1.84% and a net margin of 1.03%. The firm’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.12 earnings per share. Analysts anticipate that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder International L.P. Advent sold 4,500,000 shares of the company’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $14.70, for a total value of $66,150,000.00. Following the sale, the insider now directly owns 14,689,784 shares in the company, valued at $215,939,824.80. This represents a 23.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.00% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Guggenheim decreased their price target on First Watch Restaurant Group from $23.00 to $22.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th. Stifel Nicolaus set a $17.00 price target on First Watch Restaurant Group in a research note on Wednesday, May 7th. Bank of America lifted their price target on First Watch Restaurant Group from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, March 12th. Stephens decreased their price target on First Watch Restaurant Group from $24.00 to $23.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 7th. Finally, TD Cowen upgraded First Watch Restaurant Group from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a research note on Tuesday, April 1st. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, First Watch Restaurant Group currently has an average rating of “Buy” and a consensus target price of $21.36.

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.