Oppenheimer Asset Management Inc. Raises Stock Holdings in First Watch Restaurant Group, Inc. $FWRG

Oppenheimer Asset Management Inc. boosted its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 76.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 22,959 shares of the company’s stock after purchasing an additional 9,920 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in First Watch Restaurant Group were worth $368,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fifth Third Bancorp grew its holdings in shares of First Watch Restaurant Group by 8,815.8% during the second quarter. Fifth Third Bancorp now owns 1,694 shares of the company’s stock valued at $27,000 after buying an additional 1,675 shares during the last quarter. State of Wyoming boosted its stake in First Watch Restaurant Group by 83.0% during the 1st quarter. State of Wyoming now owns 5,882 shares of the company’s stock valued at $98,000 after purchasing an additional 2,668 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in First Watch Restaurant Group by 85.2% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,807 shares of the company’s stock valued at $163,000 after purchasing an additional 4,512 shares during the last quarter. LVW Advisors LLC purchased a new stake in shares of First Watch Restaurant Group during the second quarter valued at $173,000. Finally, Blueshift Asset Management LLC purchased a new stake in shares of First Watch Restaurant Group during the first quarter valued at $183,000. Hedge funds and other institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Stock Performance

Shares of NASDAQ:FWRG opened at $16.49 on Monday. The firm’s 50 day simple moving average is $17.19 and its 200-day simple moving average is $17.07. The firm has a market cap of $1.01 billion, a PE ratio of 274.88, a price-to-earnings-growth ratio of 4.32 and a beta of 0.87. First Watch Restaurant Group, Inc. has a one year low of $12.90 and a one year high of $22.71. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.23 and a current ratio of 0.27.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.04). The firm had revenue of $307.89 million during the quarter, compared to analysts’ expectations of $304.94 million. First Watch Restaurant Group had a return on equity of 0.69% and a net margin of 0.37%.The firm’s quarterly revenue was up 19.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.14 EPS. First Watch Restaurant Group has set its FY 2025 guidance at EPS. As a group, equities analysts predict that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder International L.P. Advent sold 5,000,000 shares of First Watch Restaurant Group stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $17.70, for a total transaction of $88,500,000.00. Following the transaction, the insider owned 9,689,784 shares in the company, valued at approximately $171,509,176.80. This trade represents a 34.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 6.00% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of First Watch Restaurant Group in a report on Wednesday, October 8th. Wall Street Zen cut shares of First Watch Restaurant Group from a “hold” rating to a “sell” rating in a report on Monday, October 27th. Stephens raised their price target on First Watch Restaurant Group from $23.00 to $24.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 6th. Barclays raised their price objective on shares of First Watch Restaurant Group from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, July 17th. Finally, Zacks Research upgraded First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a research report on Friday, October 24th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $21.09.

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.