JPMorgan Chase & Co. Lowers Stock Holdings in First Watch Restaurant Group, Inc. $FWRG

JPMorgan Chase & Co. reduced its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 10.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,977,268 shares of the company’s stock after selling 236,486 shares during the quarter. JPMorgan Chase & Co. owned about 3.24% of First Watch Restaurant Group worth $30,924,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in First Watch Restaurant Group by 18.2% in the third quarter. Vanguard Group Inc. now owns 2,888,295 shares of the company’s stock worth $45,173,000 after acquiring an additional 443,830 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of First Watch Restaurant Group by 2.9% during the third quarter. Dimensional Fund Advisors LP now owns 2,442,780 shares of the company’s stock valued at $38,206,000 after acquiring an additional 69,415 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of First Watch Restaurant Group by 51.7% during the second quarter. The Manufacturers Life Insurance Company now owns 2,335,883 shares of the company’s stock valued at $37,468,000 after acquiring an additional 796,191 shares in the last quarter. Lazard Asset Management LLC raised its position in shares of First Watch Restaurant Group by 13.4% in the 2nd quarter. Lazard Asset Management LLC now owns 2,281,137 shares of the company’s stock worth $36,589,000 after purchasing an additional 269,726 shares during the last quarter. Finally, Granahan Investment Management LLC boosted its stake in First Watch Restaurant Group by 1.2% in the 3rd quarter. Granahan Investment Management LLC now owns 1,667,332 shares of the company’s stock worth $26,077,000 after purchasing an additional 20,204 shares in the last quarter. Hedge funds and other institutional investors own 96.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on FWRG shares. Stephens cut their price objective on shares of First Watch Restaurant Group from $24.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 25th. Guggenheim decreased their target price on shares of First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, February 25th. Barclays dropped their target price on shares of First Watch Restaurant Group from $19.00 to $17.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 25th. TD Cowen reduced their price target on shares of First Watch Restaurant Group from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Tuesday, February 24th. Finally, Piper Sandler restated an “overweight” rating and issued a $19.00 price objective on shares of First Watch Restaurant Group in a report on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, First Watch Restaurant Group presently has an average rating of “Moderate Buy” and an average price target of $19.75.

First Watch Restaurant Group Price Performance

Shares of NASDAQ:FWRG opened at $12.20 on Monday. First Watch Restaurant Group, Inc. has a fifty-two week low of $11.44 and a fifty-two week high of $20.55. The business has a 50-day simple moving average of $14.86 and a two-hundred day simple moving average of $16.08. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.25 and a current ratio of 0.29. The firm has a market cap of $745.60 million, a price-to-earnings ratio of 39.34, a price-to-earnings-growth ratio of 2.45 and a beta of 0.92.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings results on Tuesday, February 24th. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.16. First Watch Restaurant Group had a net margin of 1.59% and a return on equity of 3.20%. The firm had revenue of $316.35 million for the quarter, compared to the consensus estimate of $317.49 million. During the same quarter last year, the firm posted $0.01 EPS. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. On average, analysts expect that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current year.

Key First Watch Restaurant Group News

Here are the key news stories impacting First Watch Restaurant Group this week:

• Positive Sentiment: Company beat on earnings in its Feb. 24 quarterly report (EPS $0.24 vs. $0.08 expected) and revenue rose ~20% year-over-year — the operational recovery and beat support upside potential. Read More.
• Positive Sentiment: Wall Street coverage is largely constructive: multiple Buy/Overweight ratings and a consensus price target (~$19.75) signal analyst confidence above current levels, which can limit downside.
• Positive Sentiment: Several hedge funds and institutional investors have increased positions in prior quarters (e.g., Stephens Investment Management, Deepwater Asset Management), indicating continued institutional interest. Read More.
• Neutral Sentiment: Business profile: daytime-focused casual-dining concept with expanding footprint — attractive growth story but sensitive to consumer spending and labor/commodity costs. Read More.
• Neutral Sentiment: Balance-sheet/liquidity signals are mixed (low current/quick ratios vs. modest debt-to-equity); these fundamentals could matter if macro conditions deteriorate. Read More.
• Negative Sentiment: CEO Christopher Tomasso sold 25,062 shares (~$313,776 at ~$12.52), reducing his stake ~2.55% — largest and most market-visible insider sale this round. Read More.
• Negative Sentiment: CFO H. Melville Hope III sold 3,878 shares (~$48,553), a ~3.35% reduction. Read More.
• Negative Sentiment: Other insiders (Jay Wolszczak, Matthew Eisenacher, Laura Sorensen, John D. Jones) executed modest sales on the same date (each thousands of shares), signaling coordinated/portfolio-driven selling that can pressure near-term sentiment. Read More. Read More. Read More. Read More.

Insider Activity at First Watch Restaurant Group

In related news, insider Matthew Eisenacher sold 6,070 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $12.59, for a total value of $76,421.30. Following the sale, the insider owned 69,983 shares in the company, valued at approximately $881,085.97. This trade represents a 7.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director William A. Kussell sold 6,165 shares of the business’s stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $17.00, for a total transaction of $104,805.00. Following the sale, the director owned 26,402 shares of the company’s stock, valued at approximately $448,834. This represents a 18.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 74,178 shares of company stock valued at $958,411 over the last quarter. 6.00% of the stock is owned by company insiders.

First Watch Restaurant Group Profile

First Watch Restaurant Group, Inc (NASDAQ: FWRG) operates a specialty daytime dining concept focused on breakfast, brunch and lunch. The company’s casual, full-service cafés emphasize fresh ingredients, made-to-order entrées and a seasonally driven menu that ranges from omelets and Benedicts to salads, skillets and afternoon sandwiches. First Watch positions itself as a daytime-only destination, with most locations opening early morning and closing by mid-afternoon.

Founded in 1983 by Ken Pendery and John Sullivan in Pacific Grove, California, First Watch began as a single café and gradually expanded through company-owned and select franchised locations.