Access Investment Management LLC Acquires New Shares in First Watch Restaurant Group, Inc. $FWRG

Key Points

• Access Investment Management acquired 161,210 shares of First Watch Restaurant Group, valued at approximately $1.69 million, giving it a 0.26% stake. Institutional investors collectively own 96.11% of the company.
• First Watch reported quarterly revenue of $330.96 million, up 17.3% year over year and slightly above estimates, but its loss of $0.04 per share missed the consensus loss estimate of $0.02.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $18.78 versus the stock’s reported price of $12.85, despite some firms downgrading the shares.

Access Investment Management LLC purchased a new stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 161,210 shares of the company's stock, valued at approximately $1,689,000. Access Investment Management LLC owned about 0.26% of First Watch Restaurant Group at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Rockefeller Capital Management L.P. bought a new position in shares of First Watch Restaurant Group in the 4th quarter valued at $63,000. State of Wyoming bought a new stake in First Watch Restaurant Group during the 4th quarter worth $64,000. Kemnay Advisory Services Inc. bought a new position in First Watch Restaurant Group in the 4th quarter valued at approximately $66,000. BNP Paribas Financial Markets boosted its position 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 worth $70,000 after buying an additional 1,673 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew 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 acquiring an additional 5,624 shares during the last quarter. Institutional investors own 96.11% of the company's stock.

First Watch Restaurant Group Stock Performance

NASDAQ FWRG opened at $12.85 on Friday. First Watch Restaurant Group, Inc. has a 52-week low of $9.97 and a 52-week high of $19.53. The company has a 50-day simple moving average of $12.01 and a 200 day simple moving average of $12.91. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.25 and a current ratio of 0.29. The company has a market capitalization of $792.20 million, a PE ratio of 45.89, a price-to-earnings-growth ratio of 7.90 and a beta of 1.03.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced 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). First Watch Restaurant Group had a net margin of 1.38% and a return on equity of 2.85%. The firm had revenue of $330.96 million during the quarter, compared to the consensus estimate of $329.35 million. During the same quarter in the prior year, the firm posted ($0.01) earnings per share. The company's revenue was up 17.3% on a year-over-year basis. On average, research analysts predict that First Watch Restaurant Group, Inc. will post 0.2 EPS for the current year.

Analysts Set New Price Targets

FWRG has been the subject of several recent analyst reports. Weiss Ratings cut shares of First Watch Restaurant Group from a "sell (d+)" rating to a "sell (d)" rating in a research report on Monday, May 11th. Wall Street Zen cut First Watch Restaurant Group from a "sell" rating to a "strong sell" rating in a research note on Saturday, July 18th. Freedom Capital upgraded First Watch Restaurant Group to a "strong-buy" rating in a report on Wednesday, July 1st. Stifel Nicolaus set a $14.00 price objective on shares of First Watch Restaurant Group in a research report on Tuesday, May 5th. Finally, TD Cowen reaffirmed a "buy" rating and issued a $17.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $18.78.

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.

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