First Watch Restaurant Group, Inc. $FWRG Stake Boosted by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company increased its First Watch Restaurant Group stake by 81.4% in the first quarter, adding 1.51 million shares to own 3.36 million shares, or approximately 5.45% of the company. Institutional investors collectively hold 96.11% of FWRG.
• First Watch reported quarterly revenue of $330.96 million, up 17.3% year over year and slightly above estimates, but its $0.04-per-share loss missed the $0.02 loss consensus.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $18.78, compared with the stock’s reported opening price of $12.85.

The Manufacturers Life Insurance Company boosted its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 81.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,357,950 shares of the company's stock after buying an additional 1,507,074 shares during the period. The Manufacturers Life Insurance Company owned about 5.45% of First Watch Restaurant Group worth $35,191,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of FWRG. Rockefeller Capital Management L.P. acquired a new position in shares of First Watch Restaurant Group in the fourth quarter worth about $63,000. State of Wyoming acquired a new stake in shares of First Watch Restaurant Group during the fourth quarter valued at approximately $64,000. Kemnay Advisory Services Inc. acquired a new stake in shares of First Watch Restaurant Group during the fourth quarter valued at approximately $66,000. BNP Paribas Financial Markets lifted its position in shares of First Watch Restaurant Group by 61.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company's stock valued at $70,000 after acquiring an additional 1,673 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of First Watch Restaurant Group by 17,042.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 5,657 shares of the company's stock valued at $85,000 after acquiring an additional 5,624 shares in the last quarter. 96.11% of the stock is owned by hedge funds and other institutional investors.

First Watch Restaurant Group Stock Performance

FWRG stock opened at $12.85 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.25 and a current ratio of 0.29. The stock has a market cap of $792.20 million, a P/E ratio of 45.89, a P/E/G ratio of 7.90 and a beta of 1.03. The firm has a 50 day simple moving average of $12.01 and a 200 day simple moving average of $12.91. First Watch Restaurant Group, Inc. has a 52 week low of $9.97 and a 52 week high of $19.53.

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on FWRG. Benchmark lowered their price objective on shares of First Watch Restaurant Group from $24.00 to $22.00 and set a "buy" rating on the stock in a research report on Monday, April 20th. Stephens restated an "overweight" rating and issued a $21.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, May 6th. DA Davidson restated a "buy" rating and issued a $17.00 target price on shares of First Watch Restaurant Group in a report on Tuesday, April 28th. TD Cowen reaffirmed a "buy" rating and issued a $17.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, June 3rd. Finally, Stifel Nicolaus set a $14.00 price target on First Watch Restaurant Group in a report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, First Watch Restaurant Group has a consensus 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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