McElhenny Sheffield Capital Management LLC Buys New Stake in First Watch Restaurant Group, Inc. $FWRG

Key Points

• McElhenny Sheffield Capital Management LLC acquired a new stake in First Watch Restaurant Group, buying 48,000 shares valued at approximately $770,000.
• First Watch posted a quarterly earnings report showing a loss of $0.03 EPS, missing estimates, despite a 19.1% year-over-year growth in revenue.
• Analysts have mixed views on the stock, with several raising their price targets, leading to a consensus rating of "Moderate Buy" and a price target of $21.09.

McElhenny Sheffield Capital Management LLC bought a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 48,000 shares of the company's stock, valued at approximately $770,000. McElhenny Sheffield Capital Management LLC owned approximately 0.08% of First Watch Restaurant Group as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. PNC Financial Services Group Inc. grew its holdings in shares of First Watch Restaurant Group by 4.4% in the first quarter. PNC Financial Services Group Inc. now owns 16,943 shares of the company's stock valued at $282,000 after purchasing an additional 708 shares in the last quarter. Fifth Third Bancorp lifted its position in First Watch Restaurant Group by 8,815.8% in the second quarter. Fifth Third Bancorp now owns 1,694 shares of the company's stock worth $27,000 after buying an additional 1,675 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its position in First Watch Restaurant Group by 19.0% in the first quarter. Oppenheimer Asset Management Inc. now owns 13,039 shares of the company's stock worth $217,000 after buying an additional 2,083 shares during the last quarter. State of Wyoming lifted its position in First Watch Restaurant Group by 83.0% in the first quarter. State of Wyoming now owns 5,882 shares of the company's stock worth $98,000 after buying an additional 2,668 shares during the last quarter. Finally, Corebridge Financial Inc. lifted its position in First Watch Restaurant Group by 24.7% in the first quarter. Corebridge Financial Inc. now owns 18,812 shares of the company's stock worth $313,000 after buying an additional 3,724 shares during the last quarter. 96.11% of the stock is owned by hedge funds and other institutional investors.

First Watch Restaurant Group Trading Down 2.6%

FWRG stock opened at $15.50 on Thursday. The company has a market capitalization of $945.87 million, a PE ratio of 258.38, a P/E/G ratio of 5.52 and a beta of 0.87. First Watch Restaurant Group, Inc. has a 12 month low of $12.90 and a 12 month high of $22.71. The firm's 50-day moving average is $17.30 and its 200 day moving average is $17.06. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.27 and a quick ratio of 0.23.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.04). The company had revenue of $307.89 million during the quarter, compared to analysts' expectations of $304.94 million. First Watch Restaurant Group had a return on equity of 0.69% and a net margin of 0.37%.The company's quarterly revenue was up 19.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.14 EPS. First Watch Restaurant Group has set its FY 2025 guidance at EPS. On average, research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Weiss Ratings restated a "sell (d+)" rating on shares of First Watch Restaurant Group in a research report on Wednesday. Stephens raised their price target on First Watch Restaurant Group from $23.00 to $24.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. Raymond James Financial raised their price target on First Watch Restaurant Group from $21.00 to $22.00 and gave the stock a "strong-buy" rating in a research report on Thursday, July 17th. Barclays raised their price target on First Watch Restaurant Group from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Finally, TD Cowen raised their price target on First Watch Restaurant Group from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $21.09.

Insider Buying and Selling

In related news, major shareholder International L.P. Advent sold 5,000,000 shares of the firm's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $17.70, for a total value of $88,500,000.00. Following the transaction, the insider owned 9,689,784 shares of the company's stock, valued at $171,509,176.80. This trade represents a 34.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 6.00% of the stock is owned by corporate insiders.

First Watch Restaurant Group Profile

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.

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