Corient Private Wealth LP Grows Stock Position in First Watch Restaurant Group, Inc. $FWRG

Key Points

• Corient Private Wealth more than doubled its First Watch Restaurant Group stake in the second quarter, increasing holdings by 105.3% to 285,062 shares valued at approximately $3.7 million. Institutional investors collectively own 96.11% of FWRG.
• First Watch reported quarterly revenue of $354.67 million, up 15.2% year over year and above analyst estimates, but earnings per share of $0.04 fell short of the $0.05 consensus.
• Analysts remain generally positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $18.56, despite FWRG opening at $10.18 and trading near its 12-month low.

Corient Private Wealth LP increased its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 105.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 285,062 shares of the company's stock after purchasing an additional 146,196 shares during the quarter. Corient Private Wealth LP owned 0.46% of First Watch Restaurant Group worth $3,674,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. Ancora Advisors LLC lifted its position in shares of First Watch Restaurant Group by 111.4% during the 2nd quarter. Ancora Advisors LLC now owns 319,802 shares of the company's stock worth $4,122,000 after purchasing an additional 168,550 shares during the last quarter. Penn Capital Management Company LLC raised its position in shares of First Watch Restaurant Group by 29.1% during the 2nd quarter. Penn Capital Management Company LLC now owns 1,472,751 shares of the company's stock worth $19,016,000 after acquiring an additional 331,594 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in First Watch Restaurant Group by 21.8% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 92,917 shares of the company's stock valued at $1,198,000 after purchasing an additional 16,614 shares in the last quarter. Empowered Funds LLC acquired a new position in First Watch Restaurant Group in the second quarter valued at approximately $4,678,000. Finally, Jefferies Financial Group Inc. purchased a new position in First Watch Restaurant Group in the second quarter valued at approximately $660,000. Hedge funds and other institutional investors own 96.11% of the company's stock.

First Watch Restaurant Group Price Performance

FWRG opened at $10.18 on Monday. 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 business has a 50 day simple moving average of $12.21 and a 200-day simple moving average of $11.96. The stock has a market capitalization of $628.21 million, a P/E ratio of 35.10, a P/E/G ratio of 16.97 and a beta of 1.03. First Watch Restaurant Group, Inc. has a 12 month low of $9.96 and a 12 month high of $18.82.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced its quarterly earnings data 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 business 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 company's revenue was up 15.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.03 EPS. On average, equities analysts anticipate that First Watch Restaurant Group, Inc. will post 0.15 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on FWRG shares. TD Cowen reissued a "buy" rating and issued a $17.00 price target on shares of First Watch Restaurant Group in a research report on Wednesday, June 3rd. Wall Street Zen raised First Watch Restaurant Group from a "strong sell" rating to a "sell" rating in a report on Saturday, August 8th. Freedom Capital upgraded First Watch Restaurant Group to a "strong-buy" rating in a research report on Wednesday, July 1st. Citigroup reduced their target price on First Watch Restaurant Group from $21.00 to $20.00 and set a "buy" rating for the company in a report on Wednesday, August 5th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $18.56.

About First Watch Restaurant Group

First Watch Restaurant Group, Inc is a U.S.-based restaurant company that operates full-service daytime dining restaurants under the First Watch brand. Its restaurants serve breakfast, brunch and lunch, with made-to-order menu items such as omelets, eggs, pancakes, avocado toast, sandwiches, salads and fresh juices. The company emphasizes fresh ingredients, seasonal offerings and hospitality in a daytime-only operating model.

First Watch restaurants are located across the United States, primarily in suburban and high-traffic retail areas.

Want to see what other hedge funds are holding FWRG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.