Ancora Advisors LLC Has $4.12 Million Holdings in First Watch Restaurant Group, Inc. $FWRG

Key Points

• Ancora Advisors more than doubled its FWRG position in the second quarter, adding 168,550 shares to own 319,802 shares valued at approximately $4.12 million. Institutional investors and hedge funds collectively own 96.11% of the company.
• Analysts maintain a generally positive outlook, with First Watch carrying a consensus “Moderate Buy” rating and an average price target of $18.56, despite Guggenheim and Citigroup recently lowering their targets to $20.
• First Watch reported quarterly revenue of $354.67 million, up 15.2% year over year and above estimates, but earnings of $0.04 per share narrowly missed the $0.05 consensus. The stock opened at $12.07, near the lower portion of its 52-week range.

Ancora Advisors LLC increased its position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 111.4% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 319,802 shares of the company's stock after purchasing an additional 168,550 shares during the period. Ancora Advisors LLC owned about 0.52% of First Watch Restaurant Group worth $4,122,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in FWRG. Allworth Financial LP purchased a new position in shares of First Watch Restaurant Group during the second quarter valued at $29,000. Freestone Grove Partners LP purchased a new position in First Watch Restaurant Group during the 2nd quarter valued at about $38,000. Rockefeller Capital Management L.P. purchased a new position in First Watch Restaurant Group during the 4th quarter valued at about $63,000. State of Wyoming acquired a new position in shares of First Watch Restaurant Group in the 4th quarter valued at about $64,000. Finally, Kemnay Advisory Services Inc. acquired a new position in shares of First Watch Restaurant Group in the 4th quarter valued at about $66,000. 96.11% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FWRG has been the subject of several recent research reports. Wall Street Zen upgraded First Watch Restaurant Group from a "strong sell" rating to a "sell" rating in a report on Saturday, August 8th. Guggenheim dropped their target price on First Watch Restaurant Group from $21.00 to $20.00 and set a "buy" rating on the stock in a research report on Friday, August 7th. Citigroup cut their price target on First Watch Restaurant Group from $21.00 to $20.00 and set a "buy" rating for the company in a research note on Wednesday, August 5th. TD Cowen reiterated a "buy" rating and set a $17.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, June 3rd. Finally, Freedom Capital upgraded First Watch Restaurant Group to a "strong-buy" rating in a report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $18.56.

First Watch Restaurant Group Stock Performance

NASDAQ:FWRG opened at $12.07 on Wednesday. The firm has a market capitalization of $744.84 million, a PE ratio of 41.62, a PEG ratio of 21.13 and a beta of 1.03. First Watch Restaurant Group, Inc. has a 1 year low of $9.97 and a 1 year high of $19.08. The company has a current ratio of 0.27, a quick ratio of 0.22 and a debt-to-equity ratio of 0.44. The firm's fifty day simple moving average is $12.58 and its 200 day simple moving average is $12.25.

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 for the quarter, missing analysts' consensus estimates of $0.05 by ($0.01). The firm had revenue of $354.67 million for the quarter, compared to analyst estimates 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 period in the prior year, the firm earned $0.03 EPS. On average, sell-side analysts anticipate that First Watch Restaurant Group, Inc. will post 0.15 EPS for the current 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.

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