12 West Capital Management LP Sells 420,000 Shares of First Watch Restaurant Group, Inc. $FWRG

12 West Capital Management LP reduced its position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 28.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 1,070,701 shares of the company’s stock after selling 420,000 shares during the period. First Watch Restaurant Group accounts for approximately 1.9% of 12 West Capital Management LP’s investment portfolio, making the stock its 15th biggest holding. 12 West Capital Management LP’s holdings in First Watch Restaurant Group were worth $16,146,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of FWRG. AQR Capital Management LLC bought a new position in shares of First Watch Restaurant Group during the fourth quarter worth $240,000. Price T Rowe Associates Inc. MD boosted its position in shares of First Watch Restaurant Group by 24.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 30,254 shares of the company’s stock worth $457,000 after acquiring an additional 5,925 shares during the last quarter. California State Teachers Retirement System boosted its position in shares of First Watch Restaurant Group by 1.8% during the fourth quarter. California State Teachers Retirement System now owns 46,092 shares of the company’s stock worth $695,000 after acquiring an additional 832 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of First Watch Restaurant Group by 102.0% during the fourth quarter. Russell Investments Group Ltd. now owns 688,715 shares of the company’s stock worth $10,386,000 after acquiring an additional 347,801 shares during the last quarter. Finally, Kemnay Advisory Services Inc. bought a new position in shares of First Watch Restaurant Group during the fourth quarter worth $66,000. 96.11% of the stock is currently owned by institutional investors.

First Watch Restaurant Group Trading Down 1.0%

Shares of FWRG opened at $11.48 on Thursday. First Watch Restaurant Group, Inc. has a 1-year low of $9.97 and a 1-year high of $19.53. The company has a 50-day moving average of $11.66 and a 200 day moving average of $13.76. The firm has a market capitalization of $707.74 million, a price-to-earnings ratio of 41.00, a PEG ratio of 6.00 and a beta of 1.06. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.29 and a quick ratio of 0.25.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $330.96 million for the quarter, compared to the consensus estimate of $329.35 million. During the same quarter in the previous year, the business earned ($0.01) EPS. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. On average, research analysts expect that First Watch Restaurant Group, Inc. will post 0.2 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FWRG. TD Cowen restated a “buy” rating and set a $17.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, June 3rd. Barclays lowered their price objective on shares of First Watch Restaurant Group from $19.00 to $17.00 and set an “overweight” rating for the company in a research report on Wednesday, February 25th. Wall Street Zen upgraded shares of First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 30th. Citigroup lowered their price objective on shares of First Watch Restaurant Group from $26.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, February 25th. Finally, Weiss Ratings lowered shares of First Watch Restaurant Group from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, First Watch Restaurant Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.27.

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.