4,534,132 Shares in First Watch Restaurant Group, Inc. $FWRG Bought by BlackRock Inc.

BlackRock Inc. purchased a new position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,534,132 shares of the company's stock, valued at approximately $58,445,000. BlackRock Inc. owned about 7.35% of First Watch Restaurant Group as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp purchased a new position in shares of First Watch Restaurant Group during the second quarter valued at approximately $47,938,000. The Manufacturers Life Insurance Company lifted its stake in First Watch Restaurant Group by 81.4% in the first quarter. The Manufacturers Life Insurance Company now owns 3,357,950 shares of the company's stock worth $35,191,000 after acquiring an additional 1,507,074 shares during the period. Woodline Partners LP purchased a new stake in First Watch Restaurant Group in the third quarter worth $20,318,000. Riverbridge Partners LLC boosted its holdings in First Watch Restaurant Group by 90.8% in the first quarter. Riverbridge Partners LLC now owns 2,091,700 shares of the company's stock valued at $21,921,000 after acquiring an additional 995,671 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in First Watch Restaurant Group by 51.7% in the second quarter. The Manufacturers Life Insurance Company now owns 2,335,883 shares of the company's stock valued at $37,468,000 after acquiring an additional 796,191 shares in the last quarter. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Weiss Ratings raised First Watch Restaurant Group from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday. Guggenheim decreased their target price on 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. Freedom Capital upgraded First Watch Restaurant Group to a "strong-buy" rating in a research note on Wednesday, July 1st. Wall Street Zen upgraded First Watch Restaurant Group from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 8th. Finally, Stifel Nicolaus set a $14.00 price target on First Watch Restaurant Group in a research note on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $18.56.

First Watch Restaurant Group Trading Up 1.4%

NASDAQ:FWRG opened at $12.68 on Tuesday. First Watch Restaurant Group, Inc. has a one year low of $9.97 and a one year high of $19.15. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.27 and a quick ratio of 0.22. The company's 50-day simple moving average is $12.57 and its 200 day simple moving average is $12.29. The firm has a market capitalization of $782.48 million, a P/E ratio of 43.73, a PEG ratio of 20.85 and a beta of 1.03.

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

About First Watch Restaurant Group

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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