Ghisallo Capital Management LLC Makes New Investment in First Watch Restaurant Group, Inc. $FWRG

Key Points

• Ghisallo Capital Management LLC purchased a new position of 160,893 shares (~$2.52M), representing about 0.26% of First Watch at the end of the quarter.
• Insiders have sold roughly 35,923 shares (~$479K) in the last three months—including the CFO and several executives—which may pressure near‑term sentiment.
• First Watch reported an EPS beat and ~20% y/y revenue growth; analysts hold a consensus "Moderate Buy" with an average target of $19.75 versus the stock trading near $11–12, signaling potential upside if margins and execution improve.

Ghisallo Capital Management LLC purchased a new position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 160,893 shares of the company's stock, valued at approximately $2,516,000. Ghisallo Capital Management LLC owned 0.26% of First Watch Restaurant Group at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FWRG. Jones Financial Companies Lllp purchased a new stake in First Watch Restaurant Group during the 3rd quarter worth about $30,000. BNP Paribas Financial Markets grew its holdings in First Watch Restaurant Group by 61.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company's stock valued at $70,000 after buying an additional 1,673 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of First Watch Restaurant Group by 435.5% during the second quarter. Tower Research Capital LLC TRC now owns 7,277 shares of the company's stock valued at $117,000 after buying an additional 5,918 shares during the period. Comerica Bank increased its position in shares of First Watch Restaurant Group by 30.2% during the third quarter. Comerica Bank now owns 8,577 shares of the company's stock valued at $134,000 after buying an additional 1,991 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey lifted its holdings in shares of First Watch Restaurant Group by 17.3% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 9,108 shares of the company's stock worth $146,000 after buying an additional 1,341 shares in the last quarter. 96.11% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on FWRG. DA Davidson started coverage on shares of First Watch Restaurant Group in a research report on Friday, March 6th. They issued a "buy" rating and a $17.00 price objective for the company. Barclays decreased their price target on shares of First Watch Restaurant Group from $19.00 to $17.00 and set an "overweight" rating on the stock in a report on Wednesday, February 25th. Stephens decreased their target price on First Watch Restaurant Group from $24.00 to $21.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 25th. Citigroup dropped their price target on First Watch Restaurant Group from $26.00 to $21.00 and set a "buy" rating for the company in a research report on Wednesday, February 25th. Finally, Piper Sandler reissued an "overweight" rating and set a $19.00 price objective on shares of First Watch Restaurant Group in a report on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, First Watch Restaurant Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.75.

Key Stories Impacting First Watch Restaurant Group

Here are the key news stories impacting First Watch Restaurant Group this week:

• Positive Sentiment: Recent quarterly results showed an EPS beat (reported $0.24 vs. $0.08 consensus) and ~20% year-over-year revenue growth, which supports the company’s near-term fundamentals. Earnings & company page
• Positive Sentiment: Analyst coverage remains largely constructive — multiple Buy/Overweight ratings and an average target (~$19.75) sit well above the current price, indicating upside if execution continues. Analyst note
• Neutral Sentiment: Institutional ownership is very high (~96%), which can reduce retail-driven volatility but means flows from large holders will disproportionately move the stock. Institutional holdings
• Neutral Sentiment: Valuation and liquidity: FWRG sits below its 50- and 200-day moving averages and near its 52-week low; balance-sheet ratios (low current/quick ratios) and modest near-term margins mean upside may require sustained margin improvement. Financial snapshot
• Negative Sentiment: CFO insider sale: CFO H. Melville Hope III sold 7,358 shares at $12.59 on March 10 (≈6% reduction in his stake). High‑profile officer selling often raises short-term investor concern. CFO Form 4
• Negative Sentiment: Multiple other insider trims: Several executives (Jay Wolszczak, Matthew Eisenacher, John D. Jones, Laura Sorensen) sold between ~4,600–7,000 shares each at $12.59 on March 10, collectively reducing positions and pressuring market sentiment. Sample Form 4

Insider Transactions at First Watch Restaurant Group

In related news, Director William A. Kussell sold 6,165 shares of the business's stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $17.00, for a total value of $104,805.00. Following the completion of the sale, the director owned 26,402 shares in the company, valued at $448,834. The trade was a 18.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Matthew Eisenacher sold 6,070 shares of the company's stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $12.59, for a total value of $76,421.30. Following the completion of the sale, the insider directly owned 69,983 shares of the company's stock, valued at approximately $881,085.97. This represents a 7.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 35,923 shares of company stock worth $479,458. Company insiders own 6.00% of the company's stock.

First Watch Restaurant Group Stock Performance

NASDAQ FWRG opened at $11.53 on Friday. First Watch Restaurant Group, Inc. has a 52-week low of $11.44 and a 52-week high of $20.55. The company has a fifty day moving average of $15.19 and a 200-day moving average of $16.34. The company has a market capitalization of $704.94 million, a P/E ratio of 37.19, a P/E/G ratio of 2.35 and a beta of 0.92. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.25 and a current ratio of 0.29.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its earnings results on Tuesday, February 24th. The company reported $0.24 EPS for the quarter, beating analysts' consensus estimates of $0.08 by $0.16. First Watch Restaurant Group had a return on equity of 3.20% and a net margin of 1.59%.The business had revenue of $316.35 million for the quarter, compared to analysts' expectations of $317.49 million. During the same quarter in the prior year, the firm earned $0.01 earnings per share. The firm's revenue was up 20.2% on a year-over-year basis. As a group, equities research analysts predict that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

First Watch Restaurant Group 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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