3,719,038 Shares in First Watch Restaurant Group, Inc. $FWRG Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp purchased a new position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 3,719,038 shares of the company's stock, valued at approximately $47,938,000. Bank of New York Mellon Corp owned 6.03% of First Watch Restaurant Group as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. acquired a new stake in shares of First Watch Restaurant Group during the 4th quarter worth approximately $63,000. State of Wyoming acquired a new position in shares of First Watch Restaurant Group in the 4th quarter valued at $64,000. Kemnay Advisory Services Inc. purchased a new stake in First Watch Restaurant Group during the fourth quarter worth $66,000. BNP Paribas Financial Markets boosted its holdings in First Watch Restaurant Group by 61.9% during the second quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company's stock worth $70,000 after buying an additional 1,673 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its position in First Watch Restaurant Group by 17,042.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 5,657 shares of the company's stock valued at $85,000 after buying an additional 5,624 shares during the period. 96.11% of the stock is owned by institutional investors and hedge funds.

First Watch Restaurant Group Price Performance

NASDAQ:FWRG opened at $12.38 on Friday. First Watch Restaurant Group, Inc. has a one year low of $9.97 and a one year high of $19.15. The stock has a market cap of $763.99 million, a PE ratio of 42.69, a P/E/G ratio of 21.48 and a beta of 1.03. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.22 and a current ratio of 0.27. The stock has a 50 day moving average price of $12.53 and a 200 day moving average price of $12.35.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.01). The company had revenue of $354.67 million for the quarter, compared to analysts' expectations of $351.57 million. First Watch Restaurant Group had a return on equity of 2.85% and a net margin of 1.35%.The firm's revenue was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.03 EPS. Equities research analysts expect that First Watch Restaurant Group, Inc. will post 0.15 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on FWRG shares. Citigroup dropped their price objective on First Watch Restaurant Group from $21.00 to $20.00 and set a "buy" rating on the stock in a report on Wednesday, August 5th. Weiss Ratings upgraded First Watch Restaurant Group from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, August 4th. Stifel Nicolaus set a $14.00 price target on shares of First Watch Restaurant Group in a research note on Tuesday, May 5th. TD Cowen reissued a "buy" rating and issued a $17.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, June 3rd. Finally, Guggenheim reduced their price objective on shares of First Watch Restaurant Group from $21.00 to $20.00 and set a "buy" rating for the company in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $18.56.

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.

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