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

Rhumbline Advisers increased its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 12.9% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 50,677 shares of the company’s stock after purchasing an additional 5,779 shares during the quarter. Rhumbline Advisers’ holdings in First Watch Restaurant Group were worth $844,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in First Watch Restaurant Group by 3.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,269 shares of the company’s stock worth $321,000 after buying an additional 613 shares during the period. 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. Mariner LLC raised its holdings in shares of First Watch Restaurant Group by 5.1% in the 4th quarter. Mariner LLC now owns 21,446 shares of the company’s stock worth $399,000 after purchasing an additional 1,033 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of First Watch Restaurant Group by 2.7% in the 4th quarter. Bank of New York Mellon Corp now owns 78,621 shares of the company’s stock worth $1,463,000 after purchasing an additional 2,033 shares during the period. Finally, State of Wyoming raised its holdings in shares of First Watch Restaurant Group by 212.6% in the 4th quarter. State of Wyoming now owns 3,214 shares of the company’s stock worth $60,000 after purchasing an additional 2,186 shares during the period. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

First Watch Restaurant Group Stock Performance

Shares of NASDAQ:FWRG opened at $15.83 on Friday. The company has a market cap of $965.47 million, a P/E ratio of 93.12, a PEG ratio of 4.36 and a beta of 0.90. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.27 and a current ratio of 0.31. First Watch Restaurant Group, Inc. has a one year low of $12.90 and a one year high of $22.71. The business’s 50-day simple moving average is $16.86 and its 200 day simple moving average is $18.23.

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

Insiders Place Their Bets

In other First Watch Restaurant Group news, major shareholder International L.P. Advent sold 4,500,000 shares of First Watch Restaurant Group stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $14.70, for a total transaction 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. The trade was a 23.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 6.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Piper Sandler cut their price objective on First Watch Restaurant Group from $23.00 to $20.00 and set an “overweight” rating on the stock in a report on Wednesday, May 7th. TD Cowen upgraded First Watch Restaurant Group from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a report on Tuesday, April 1st. Guggenheim cut their price objective on First Watch Restaurant Group from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Raymond James Financial reiterated a “strong-buy” rating and set a $21.00 target price (down from $25.00) on shares of First Watch Restaurant Group in a report on Wednesday, May 7th. Finally, Stifel Nicolaus set a $17.00 target price on First Watch Restaurant Group in a report on Wednesday, May 7th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, First Watch Restaurant Group has a consensus rating of “Buy” and a consensus price target of $21.36.

First Watch Restaurant Group 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.