First Watch Restaurant Group, Inc. $FWRG Shares Bought by Lazard Asset Management LLC

Key Points

• Lazard Asset Management increased its First Watch Restaurant Group stake by 9.5% in the first quarter, acquiring 154,018 additional shares and holding 1.78 million shares, or 2.89% of the company. Institutional investors collectively own 96.11% of FWRG.
• First Watch shares opened at $13.00, with the stock valued at approximately $801 million. The company’s latest quarterly revenue rose 17.3% year over year to $330.96 million, although EPS of negative $0.04 missed analysts’ expectations.
• Analyst sentiment remains broadly positive, with an average “Moderate Buy” rating and an average price target of $18.78, despite some recent downgrades to sell-related ratings.

Lazard Asset Management LLC grew its position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 9.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,780,839 shares of the company's stock after buying an additional 154,018 shares during the quarter. Lazard Asset Management LLC owned 2.89% of First Watch Restaurant Group worth $18,663,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Legal & General Group Plc increased its stake in shares of First Watch Restaurant Group by 1.6% during the second quarter. Legal & General Group Plc now owns 45,531 shares of the company's stock worth $730,000 after acquiring an additional 724 shares during the period. California State Teachers Retirement System lifted its position in First Watch Restaurant Group by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 46,092 shares of the company's stock valued at $695,000 after purchasing an additional 832 shares during the period. Diversified Trust Co lifted its position in First Watch Restaurant Group by 4.7% in the first quarter. Diversified Trust Co now owns 25,654 shares of the company's stock valued at $269,000 after purchasing an additional 1,154 shares during the period. Kornitzer Capital Management Inc. KS boosted its holdings in First Watch Restaurant Group by 0.5% in the 1st quarter. Kornitzer Capital Management Inc. KS now owns 310,837 shares of the company's stock valued at $3,258,000 after purchasing an additional 1,450 shares in the last quarter. Finally, Intech Investment Management LLC boosted its holdings in First Watch Restaurant Group by 11.1% in the 4th quarter. Intech Investment Management LLC now owns 16,041 shares of the company's stock valued at $242,000 after purchasing an additional 1,606 shares in the last quarter. Institutional investors and hedge funds own 96.11% of the company's stock.

First Watch Restaurant Group Trading Up 0.9%

Shares of First Watch Restaurant Group stock opened at $13.00 on Wednesday. The company has a 50-day moving average of $11.90 and a two-hundred day moving average of $12.94. First Watch Restaurant Group, Inc. has a 12-month low of $9.97 and a 12-month high of $19.53. The company has a current ratio of 0.29, a quick ratio of 0.25 and a debt-to-equity ratio of 0.43. The stock has a market cap of $801.45 million, a PE ratio of 46.43, a price-to-earnings-growth ratio of 7.63 and a beta of 1.03.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The firm had revenue of $330.96 million for the quarter, compared to analysts' expectations of $329.35 million. First Watch Restaurant Group had a return on equity of 2.85% and a net margin of 1.38%.First Watch Restaurant Group's revenue was up 17.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.01) EPS. On average, research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.2 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FWRG. Wall Street Zen downgraded First Watch Restaurant Group from a "sell" rating to a "strong sell" rating in a research note on Saturday, July 18th. Stephens restated an "overweight" rating and issued a $21.00 price target on shares of First Watch Restaurant Group in a research note on Wednesday, May 6th. TD Cowen reaffirmed a "buy" rating and set a $17.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, June 3rd. DA Davidson reiterated a "buy" rating and issued a $17.00 price objective on shares of First Watch Restaurant Group in a research report on Tuesday, April 28th. Finally, Weiss Ratings downgraded First Watch Restaurant Group from a "sell (d+)" rating to a "sell (d)" rating in a report on Monday, May 11th. One equities 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 issued a Sell rating to the company's stock. According to data from MarketBeat.com, First Watch Restaurant Group presently has an average rating of "Moderate Buy" and an average price target of $18.78.

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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