Deepwater Asset Management LLC Sells 148,548 Shares of First Watch Restaurant Group, Inc. $FWRG

Deepwater Asset Management LLC lessened its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 20.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 576,166 shares of the company’s stock after selling 148,548 shares during the quarter. First Watch Restaurant Group accounts for 2.5% of Deepwater Asset Management LLC’s investment portfolio, making the stock its 18th largest position. Deepwater Asset Management LLC owned approximately 0.94% of First Watch Restaurant Group worth $8,689,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of FWRG. Jones Financial Companies Lllp bought a new position in First Watch Restaurant Group in the 3rd quarter valued at $30,000. State of Wyoming bought a new position in First Watch Restaurant Group in the 4th quarter valued at $64,000. BNP Paribas Financial Markets grew its stake in First Watch Restaurant Group by 61.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company’s stock valued at $70,000 after purchasing an additional 1,673 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in First Watch Restaurant Group by 17,042.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 5,657 shares of the company’s stock valued at $85,000 after purchasing an additional 5,624 shares during the period. Finally, AdvisorShares Investments LLC bought a new position in First Watch Restaurant Group in the 4th quarter valued at $113,000. Institutional investors own 96.11% of the company’s stock.

Insider Transactions at First Watch Restaurant Group

In other First Watch Restaurant Group news, CFO H Melville Hope III sold 3,878 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $12.52, for a total value of $48,552.56. Following the sale, the chief financial officer owned 111,787 shares of the company’s stock, valued at $1,399,573.24. This trade represents a 3.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Laura Anne Sorensen sold 4,732 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $12.59, for a total value of $59,575.88. Following the completion of the sale, the insider directly owned 239,050 shares in the company, valued at approximately $3,009,639.50. The trade was a 1.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 68,013 shares of company stock worth $853,606. 6.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Weiss Ratings downgraded First Watch Restaurant Group from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, May 11th. Barclays cut their price target on First Watch Restaurant Group from $19.00 to $17.00 and set an “overweight” rating for the company in a research note on Wednesday, February 25th. Guggenheim cut their price target on First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. DA Davidson reiterated a “buy” rating and set a $17.00 price target on shares of First Watch Restaurant Group in a research note on Tuesday, April 28th. Finally, Benchmark cut their price target on First Watch Restaurant Group from $24.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.27.

First Watch Restaurant Group Stock Performance

Shares of FWRG opened at $10.18 on Monday. The stock’s 50-day simple moving average is $11.56 and its 200 day simple moving average is $14.08. The stock has a market capitalization of $627.60 million, a price-to-earnings ratio of 36.36, a price-to-earnings-growth ratio of 5.27 and a beta of 1.06. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.25 and a current ratio of 0.29. First Watch Restaurant Group, Inc. has a 52-week low of $9.97 and a 52-week high of $19.53.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.02). First Watch Restaurant Group had a net margin of 1.38% and a return on equity of 2.85%. The business had revenue of $330.96 million during the quarter, compared to analysts’ expectations of $329.35 million. During the same period in the previous year, the business earned ($0.01) EPS. The business’s revenue was up 17.3% on a year-over-year basis. Research analysts forecast that First Watch Restaurant Group, Inc. will post 0.2 EPS for the current fiscal year.

First Watch Restaurant Group Company 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.