First Watch Restaurant Group, Inc. $FWRG Holdings Cut by Avory & Company LLC

Avory & Company LLC reduced its position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 24.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 254,147 shares of the company’s stock after selling 81,862 shares during the period. First Watch Restaurant Group makes up about 3.4% of Avory & Company LLC’s holdings, making the stock its 7th biggest holding. Avory & Company LLC’s holdings in First Watch Restaurant Group were worth $2,663,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of FWRG. Rockefeller Capital Management L.P. purchased a new stake in shares of First Watch Restaurant Group during the fourth quarter worth about $63,000. State of Wyoming purchased a new position in First Watch Restaurant Group in the fourth quarter valued at about $64,000. Kemnay Advisory Services Inc. acquired a new stake in First Watch Restaurant Group during the 4th quarter valued at approximately $66,000. BNP Paribas Financial Markets grew its stake in First Watch Restaurant Group by 61.9% during 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 in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in First Watch Restaurant Group by 17,042.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 5,657 shares of the company’s stock worth $85,000 after purchasing an additional 5,624 shares during the last quarter. 96.11% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have issued reports on FWRG shares. Freedom Capital raised First Watch Restaurant Group to a “strong-buy” rating in a research report on Wednesday, July 1st. DA Davidson restated a “buy” rating and issued a $17.00 price target on shares of First Watch Restaurant Group in a research note on Tuesday, April 28th. Stephens reaffirmed an “overweight” rating and issued a $21.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, May 6th. Benchmark reduced their price objective on shares of First Watch Restaurant Group from $24.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, April 20th. Finally, Wall Street Zen raised shares of First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a report on Sunday, June 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.27.

First Watch Restaurant Group Stock Performance

Shares of FWRG opened at $12.93 on Tuesday. The stock has a market capitalization of $797.13 million, a PE ratio of 46.18, a price-to-earnings-growth ratio of 6.77 and a beta of 1.03. The business’s fifty day moving average price is $11.76 and its 200 day moving average price is $13.32. 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, Inc. has a 12-month low of $9.97 and a 12-month high of $19.53.

First Watch Restaurant Group (NASDAQ:FWRG) last released its 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). The business had revenue of $330.96 million for the quarter, compared to the consensus estimate of $329.35 million. First Watch Restaurant Group had a net margin of 1.38% and a return on equity of 2.85%. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.01) EPS. Equities research analysts forecast that First Watch Restaurant Group, Inc. will post 0.2 EPS for the current year.

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.