1492 Capital Management LLC Purchases New Holdings in First Watch Restaurant Group, Inc. $FWRG

1492 Capital Management LLC purchased a new position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 172,938 shares of the company’s stock, valued at approximately $1,812,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Legal & General Group Plc increased its stake in First Watch Restaurant Group by 1.6% during the 2nd quarter. Legal & General Group Plc now owns 45,531 shares of the company’s stock worth $730,000 after acquiring an additional 724 shares during the period. California State Teachers Retirement System lifted its position in shares of First Watch Restaurant Group by 1.8% during the 4th quarter. California State Teachers Retirement System now owns 46,092 shares of the company’s stock valued at $695,000 after acquiring an additional 832 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of First Watch Restaurant Group by 4.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 23,016 shares of the company’s stock valued at $360,000 after acquiring an additional 934 shares during the period. Diversified Trust Co grew its holdings in shares of First Watch Restaurant Group by 4.7% during the 1st quarter. Diversified Trust Co now owns 25,654 shares of the company’s stock worth $269,000 after purchasing an additional 1,154 shares in the last quarter. Finally, Intech Investment Management LLC grew its holdings in shares of First Watch Restaurant Group by 11.1% during the 4th quarter. Intech Investment Management LLC now owns 16,041 shares of the company’s stock worth $242,000 after purchasing an additional 1,606 shares in the last quarter. Institutional investors own 96.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Stifel Nicolaus set a $14.00 price target on First Watch Restaurant Group in a research note on Tuesday, May 5th. Stephens reiterated an “overweight” rating and set a $21.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, May 6th. Weiss Ratings lowered shares of First Watch Restaurant Group from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, May 11th. DA Davidson reissued a “buy” rating and issued a $17.00 target price on shares of First Watch Restaurant Group in a report on Tuesday, April 28th. Finally, Benchmark dropped their target price on shares of First Watch Restaurant Group from $24.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, First Watch Restaurant Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.27.

First Watch Restaurant Group Trading Up 4.4%

FWRG opened at $12.74 on Friday. The company has a market cap of $785.42 million, a P/E ratio of 45.50, a PEG ratio of 6.59 and a beta of 1.06. The company has a current ratio of 0.29, a quick ratio of 0.25 and a debt-to-equity ratio of 0.43. The company’s 50 day moving average is $11.74 and its 200-day moving average is $13.49. First Watch Restaurant Group, Inc. has a 1-year low of $9.97 and a 1-year high of $19.53.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). The company had revenue of $330.96 million for the quarter, compared to analyst estimates of $329.35 million. First Watch Restaurant Group had a return on equity of 2.85% and a net margin of 1.38%.First Watch Restaurant Group’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.01) earnings per share. Equities research analysts predict that First Watch Restaurant Group, Inc. will post 0.2 earnings per share 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.