Landscape Capital Management L.L.C. Invests $4.05 Million in First Watch Restaurant Group, Inc. $FWRG

Key Points

• Landscape Capital Management acquired 314,117 shares of First Watch Restaurant Group worth approximately $4.05 million, representing about 0.51% of the company. Institutional investors collectively own 96.11% of FWRG.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $18.56, compared with the stock’s reported opening price of $13.03.
• First Watch reported quarterly revenue of $354.67 million, up 15.2% year over year and above estimates, but earnings per share of $0.04 narrowly missed the $0.05 consensus forecast.

Landscape Capital Management L.L.C. 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 13F filing with the SEC. The fund acquired 314,117 shares of the company's stock, valued at approximately $4,049,000. Landscape Capital Management L.L.C. owned about 0.51% of First Watch Restaurant Group at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FWRG. Royal Bank of Canada lifted its stake in First Watch Restaurant Group by 67.3% in the 1st quarter. Royal Bank of Canada now owns 54,267 shares of the company's stock valued at $903,000 after buying an additional 21,830 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in First Watch Restaurant Group by 31.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,766 shares of the company's stock worth $379,000 after buying an additional 5,497 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of First Watch Restaurant Group by 1.6% in 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 last quarter. Rhumbline Advisers raised its holdings in shares of First Watch Restaurant Group by 45.8% in the second quarter. Rhumbline Advisers now owns 73,882 shares of the company's stock worth $1,185,000 after acquiring an additional 23,205 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in shares of First Watch Restaurant Group by 43.4% in the second quarter. American Century Companies Inc. now owns 72,166 shares of the company's stock valued at $1,158,000 after acquiring an additional 21,846 shares in the last quarter. Hedge funds and other institutional investors own 96.11% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on FWRG shares. TD Cowen reaffirmed a "buy" rating and set a $17.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, June 3rd. Weiss Ratings raised shares of First Watch Restaurant Group from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday, August 4th. Stifel Nicolaus set a $14.00 target price on shares of First Watch Restaurant Group in a report on Tuesday, May 5th. DA Davidson reaffirmed a "buy" rating and set a $17.00 price target on shares of First Watch Restaurant Group in a research note on Tuesday, April 28th. Finally, Citigroup lowered their price target on shares of First Watch Restaurant Group from $21.00 to $20.00 and set a "buy" rating for the company in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $18.56.

First Watch Restaurant Group Trading Up 3.2%

NASDAQ FWRG opened at $13.03 on Friday. 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 50-day moving average of $12.44 and a 200-day moving average of $12.50. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.27 and a quick ratio of 0.22. The company has a market cap of $804.11 million, a P/E ratio of 44.93, a P/E/G ratio of 21.05 and a beta of 1.03.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). First Watch Restaurant Group had a return on equity of 2.85% and a net margin of 1.35%.The company had revenue of $354.67 million for the quarter, compared to analysts' expectations of $351.57 million. During the same quarter in the previous year, the company earned $0.03 earnings per share. The company's revenue was up 15.2% on a year-over-year basis. As a group, equities analysts predict that First Watch Restaurant Group, Inc. will post 0.15 earnings per share for the current year.

First Watch Restaurant Group Company 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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