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

Key Points

• Corient Private Wealth LP acquired 285,062 shares of First Watch Restaurant Group during the second quarter, worth approximately $3.67 million and representing a 0.46% stake. Institutional investors collectively own 96.11% of the company.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $18.56, despite some recent target-price reductions.
• FWRG shares opened at $12.07, while the company’s latest quarterly revenue rose 15.2% year over year to $354.67 million. Earnings of $0.04 per share missed expectations by $0.01.

Corient Private Wealth LP acquired a new stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 285,062 shares of the company's stock, valued at approximately $3,674,000. Corient Private Wealth LP owned 0.46% of First Watch Restaurant Group as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in First Watch Restaurant Group during the second quarter worth $58,445,000. Bank of New York Mellon Corp increased its holdings in shares of First Watch Restaurant Group by 96.7% in the 1st quarter. Bank of New York Mellon Corp now owns 3,957,697 shares of the company's stock valued at $41,477,000 after acquiring an additional 1,946,084 shares during the period. The Manufacturers Life Insurance Company bought a new position in shares of First Watch Restaurant Group in the 2nd quarter worth $49,291,000. Vanguard Group Inc. raised its position in shares of First Watch Restaurant Group by 15.0% in the 4th quarter. Vanguard Group Inc. now owns 3,320,929 shares of the company's stock worth $50,080,000 after acquiring an additional 432,634 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of First Watch Restaurant Group by 19.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,084,886 shares of the company's stock worth $32,328,000 after acquiring an additional 508,704 shares in the last quarter. Institutional investors own 96.11% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently 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. Citigroup reduced their target price on shares of 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. Wall Street Zen raised shares of First Watch Restaurant Group from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 8th. TD Cowen restated a "buy" rating and issued a $17.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, June 3rd. Finally, Guggenheim cut their price objective on shares of 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. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $18.56.

First Watch Restaurant Group Stock Performance

Shares of FWRG opened at $12.07 on Wednesday. First Watch Restaurant Group, Inc. has a 12 month low of $9.97 and a 12 month high of $19.08. The stock has a fifty day moving average price of $12.58 and a 200-day moving average price of $12.25. 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 has a market cap of $744.84 million, a PE ratio of 41.62, a P/E/G ratio of 21.13 and a beta of 1.03.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last posted 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). First Watch Restaurant Group had a return on equity of 2.85% and a net margin of 1.35%.The business had revenue of $354.67 million during the quarter, compared to analyst estimates of $351.57 million. During the same period in the previous year, the business earned $0.03 EPS. The firm's revenue for the quarter was up 15.2% compared to the same quarter last year. Equities research analysts predict that First Watch Restaurant Group, Inc. will post 0.15 earnings per share for the current fiscal 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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