Oppenheimer Asset Management Inc. Makes New $1.34 Million Investment in First Watch Restaurant Group, Inc. $FWRG

Key Points

• Oppenheimer Asset Management bought 104,278 shares of First Watch Restaurant Group worth approximately $1.34 million, while institutional investors collectively own 96.11% of FWRG.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $18.56, despite ratings ranging from Sell to Strong Buy.
• FWRG shares opened at $12.72, with revenue rising 15.2% year over year to $354.67 million in the latest quarter; however, earnings of $0.04 per share narrowly missed the $0.05 consensus estimate.

Oppenheimer Asset Management Inc. purchased a new position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 104,278 shares of the company's stock, valued at approximately $1,344,000. Oppenheimer Asset Management Inc. owned about 0.17% of First Watch Restaurant Group as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the business. Bank of New York Mellon Corp raised its stake in First Watch Restaurant Group by 96.7% during the first quarter. Bank of New York Mellon Corp now owns 3,957,697 shares of the company's stock worth $41,477,000 after acquiring an additional 1,946,084 shares during the period. The Manufacturers Life Insurance Company boosted its stake in First Watch Restaurant Group by 81.4% in the first quarter. The Manufacturers Life Insurance Company now owns 3,357,950 shares of the company's stock valued at $35,191,000 after acquiring an additional 1,507,074 shares during the period. Vanguard Group Inc. grew its holdings in shares of First Watch Restaurant Group by 15.0% during the fourth quarter. Vanguard Group Inc. now owns 3,320,929 shares of the company's stock valued at $50,080,000 after purchasing an additional 432,634 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of First Watch Restaurant Group by 19.7% during the first quarter. Dimensional Fund Advisors LP now owns 3,084,886 shares of the company's stock valued at $32,328,000 after purchasing an additional 508,704 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of First Watch Restaurant Group by 51.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,335,883 shares of the company's stock worth $37,468,000 after purchasing an additional 796,191 shares during the period. Institutional investors own 96.11% of the company's stock.

Analyst Ratings Changes

FWRG has been the subject of a number of analyst reports. Wall Street Zen upgraded First Watch Restaurant Group from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 8th. Stifel Nicolaus set a $14.00 price target on shares of First Watch Restaurant Group in a report on Tuesday, May 5th. TD Cowen restated 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. Stephens reissued an "overweight" rating and set a $21.00 target price on shares of First Watch Restaurant Group in a research note on Wednesday, May 6th. Finally, Freedom Capital raised First Watch Restaurant Group to a "strong-buy" rating in a research note on Wednesday, July 1st. One investment 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $18.56.

First Watch Restaurant Group Price Performance

Shares of First Watch Restaurant Group stock opened at $12.72 on Monday. The stock has a 50-day moving average price of $12.30 and a 200 day moving average price of $12.60. The company has a market cap of $784.95 million, a P/E ratio of 43.86, a P/E/G ratio of 21.20 and a beta of 1.03. The company has a current ratio of 0.27, a quick ratio of 0.22 and a debt-to-equity ratio of 0.44. First Watch Restaurant Group, Inc. has a 1 year low of $9.97 and a 1 year high of $19.53.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its earnings results 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). The business had revenue of $354.67 million for the quarter, compared to analysts' expectations of $351.57 million. First Watch Restaurant Group had a net margin of 1.35% and a return on equity of 2.85%. The company's revenue was up 15.2% compared to the same quarter last year. During the same period last year, the firm earned $0.03 EPS. As a group, analysts expect that First Watch Restaurant Group, Inc. will post 0.15 EPS for the current fiscal year.

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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