Granahan Investment Management LLC Has $26.55 Million Position in First Watch Restaurant Group, Inc. $FWRG

Key Points

• Granahan Investment Management LLC increased its stake in First Watch Restaurant Group by 8.3% in Q1, owning approximately 1.3% of the company after acquiring an additional 122,657 shares.
• Several analysts have upgraded their ratings on First Watch Restaurant Group, with price targets rising; the consensus rating is "Buy" with a target of $21.09.
• First Watch reported revenue growth of 19.1% year-over-year, but missed EPS estimates for the last quarter, coming in at $0.03 compared to the $0.07 consensus.

Granahan Investment Management LLC raised its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 8.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,594,267 shares of the company's stock after acquiring an additional 122,657 shares during the quarter. First Watch Restaurant Group makes up 1.3% of Granahan Investment Management LLC's investment portfolio, making the stock its 22nd largest holding. Granahan Investment Management LLC owned 2.61% of First Watch Restaurant Group worth $26,545,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. State of Wyoming grew its stake in First Watch Restaurant Group by 212.6% during the 4th quarter. State of Wyoming now owns 3,214 shares of the company's stock valued at $60,000 after acquiring an additional 2,186 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in First Watch Restaurant Group during the 4th quarter valued at about $86,000. Comerica Bank grew its stake in First Watch Restaurant Group by 316.2% during the 4th quarter. Comerica Bank now owns 5,157 shares of the company's stock valued at $96,000 after acquiring an additional 3,918 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of First Watch Restaurant Group by 1,617.7% during the 1st quarter. GAMMA Investing LLC now owns 5,445 shares of the company's stock valued at $91,000 after buying an additional 5,128 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of First Watch Restaurant Group by 85.2% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,807 shares of the company's stock valued at $163,000 after buying an additional 4,512 shares during the last quarter. Hedge funds and other institutional investors own 96.11% of the company's stock.

First Watch Restaurant Group Stock Performance

Shares of NASDAQ FWRG traded down $0.81 during trading hours on Tuesday, reaching $17.45. The stock had a trading volume of 3,429,978 shares, compared to its average volume of 877,682. The business's fifty day moving average is $17.76 and its two-hundred day moving average is $17.37. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.27 and a quick ratio of 0.23. The company has a market cap of $1.06 billion, a price-to-earnings ratio of 290.88, a PEG ratio of 6.61 and a beta of 0.92. First Watch Restaurant Group, Inc. has a twelve month low of $12.90 and a twelve month high of $22.71.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $0.03 EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.04). The firm had revenue of $307.89 million during the quarter, compared to analyst estimates of $304.94 million. First Watch Restaurant Group had a net margin of 0.37% and a return on equity of 0.69%. The business's revenue for the quarter was up 19.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.14 earnings per share. First Watch Restaurant Group has set its FY 2025 guidance at EPS. As a group, research analysts expect that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current year.

Insider Activity at First Watch Restaurant Group

In related news, major shareholder International L.P. Advent sold 5,000,000 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $17.70, for a total value of $88,500,000.00. Following the completion of the transaction, the insider directly owned 9,689,784 shares in the company, valued at approximately $171,509,176.80. This represents a 34.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 6.00% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. TD Cowen lifted their price target on First Watch Restaurant Group from $19.00 to $21.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Stephens lifted their price target on First Watch Restaurant Group from $23.00 to $24.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. Bank of America reduced their price target on First Watch Restaurant Group from $23.00 to $21.00 and set a "buy" rating for the company in a report on Friday, July 18th. Wall Street Zen lowered First Watch Restaurant Group from a "hold" rating to a "sell" rating in a report on Friday. Finally, Barclays lifted their price target on First Watch Restaurant Group from $20.00 to $21.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and an average price target of $21.09.

About First Watch Restaurant Group

First Watch Restaurant Group, Inc, through its subsidiaries, operates and franchises restaurants under the First Watch trade name in the United States. The company was formerly known as AI Fresh Super Holdco, Inc and changed its name to First Watch Restaurant Group, Inc in December 2019. First Watch Restaurant Group, Inc was founded in 1983 and is based in Bradenton, Florida.