Ancora Advisors LLC Makes New $4.12 Million Investment in First Watch Restaurant Group, Inc. $FWRG

Key Points

• Ancora Advisors acquired 319,802 shares of First Watch Restaurant Group worth approximately $4.12 million, giving it a 0.52% stake. Institutional investors collectively own 96.11% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $18.56, compared with the stock’s reported price of $12.89.
• First Watch reported quarterly revenue of $354.67 million, up 15.2% year over year and above estimates, but EPS of $0.04 fell short of the $0.05 consensus forecast.

Ancora Advisors LLC bought a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 319,802 shares of the company's stock, valued at approximately $4,122,000. Ancora Advisors LLC owned about 0.52% of First Watch Restaurant Group at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in First Watch Restaurant Group during the 2nd quarter valued at $58,445,000. The Manufacturers Life Insurance Company acquired a new stake in shares of First Watch Restaurant Group in the 2nd quarter worth about $49,291,000. Bank of New York Mellon Corp bought a new stake in shares of First Watch Restaurant Group during the second quarter valued at about $47,938,000. The Manufacturers Life Insurance Company raised its position 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 in the last quarter. Finally, Woodline Partners LP acquired a new position in shares of First Watch Restaurant Group in the 3rd quarter valued at $20,318,000. 96.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Stephens restated an "overweight" rating and set a $21.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, May 6th. Wall Street Zen raised First Watch Restaurant Group from a "strong sell" rating to a "sell" rating in a report on Saturday, August 8th. Weiss Ratings raised First Watch Restaurant Group from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday, August 4th. Guggenheim cut 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 note on Friday, August 7th. Finally, TD Cowen reiterated a "buy" rating and issued a $17.00 price target on shares of First Watch Restaurant Group in a research note on Wednesday, June 3rd. One research 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 given a Sell rating to the stock. According to data from MarketBeat, First Watch Restaurant Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.56.

First Watch Restaurant Group Stock Down 0.8%

NASDAQ:FWRG opened at $12.89 on Thursday. The company has a market cap of $795.44 million, a PE ratio of 44.45, a P/E/G ratio of 21.65 and a beta of 1.03. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.27 and a quick ratio of 0.22. First Watch Restaurant Group, Inc. has a one year low of $9.97 and a one year high of $19.39. The firm's 50 day simple moving average is $12.52 and its 200 day simple moving average is $12.39.

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

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