Empowered Funds LLC Takes $4.68 Million Position in First Watch Restaurant Group, Inc. $FWRG

Key Points

• Empowered Funds LLC acquired 362,916 shares of First Watch Restaurant Group in the second quarter, valued at approximately $4.68 million and representing a 0.59% stake.
• Institutional investors own 96.11% of FWRG, while analysts maintain a “Moderate Buy” consensus with an average price target of $18.56.
• First Watch reported quarterly revenue of $354.67 million, up 15.2% year over year, but earnings per share of $0.04 fell short of the $0.05 analyst consensus.

Empowered Funds LLC acquired a new position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 362,916 shares of the company's stock, valued at approximately $4,678,000. Empowered Funds LLC owned 0.59% of First Watch Restaurant Group at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Allworth Financial LP acquired a new stake in First Watch Restaurant Group in the 2nd quarter valued at approximately $29,000. Freestone Grove Partners LP acquired a new position in First Watch Restaurant Group during the 2nd quarter worth approximately $38,000. Rockefeller Capital Management L.P. bought a new position in shares of First Watch Restaurant Group during the 4th quarter worth approximately $63,000. State of Wyoming bought a new position in shares of First Watch Restaurant Group during the 4th quarter worth approximately $64,000. Finally, Kemnay Advisory Services Inc. bought a new position in shares of First Watch Restaurant Group during the 4th quarter worth approximately $66,000. 96.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Freedom Capital raised shares of First Watch Restaurant Group to a "strong-buy" rating in a research report on Wednesday, July 1st. Citigroup cut their price target 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 Wednesday, August 5th. Stifel Nicolaus set a $14.00 price objective on First Watch Restaurant Group in a report on Tuesday, May 5th. Guggenheim lowered 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. Finally, TD Cowen reiterated a "buy" rating and set a $17.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, June 3rd. One 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 company currently has an average rating of "Moderate Buy" and a consensus price target of $18.56.

First Watch Restaurant Group Price Performance

Shares of FWRG opened at $12.68 on Tuesday. The company has a market cap of $782.48 million, a price-to-earnings ratio of 43.73, a PEG ratio of 20.85 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 $19.15. The company's fifty day simple moving average is $12.57 and its 200 day simple moving average is $12.29. The company has a current ratio of 0.27, a quick ratio of 0.22 and a debt-to-equity ratio of 0.44.

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

About First Watch Restaurant Group

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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