Paralel Advisors LLC Buys Shares of 900,000 First Watch Restaurant Group, Inc. $FWRG

Key Points

• Paralel Advisors LLC acquired 900,000 shares of First Watch Restaurant Group in the second quarter, worth approximately $11.6 million and representing a 1.46% stake.
• Institutional ownership remains substantial at 96.11%, with BlackRock, Bank of New York Mellon, Manufacturers Life, Vanguard and Dimensional Fund Advisors among notable investors increasing or initiating positions.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $18.56. First Watch reported 15.2% year-over-year revenue growth to $354.67 million, though quarterly EPS of $0.04 slightly missed expectations.

Paralel Advisors LLC bought a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 900,000 shares of the company's stock, valued at approximately $11,601,000. First Watch Restaurant Group comprises about 0.4% of Paralel Advisors LLC's investment portfolio, making the stock its 21st largest holding. Paralel Advisors LLC owned 1.46% of First Watch Restaurant Group as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in FWRG. BlackRock Inc. bought a new stake in shares of First Watch Restaurant Group in the 2nd quarter valued at about $58,445,000. Bank of New York Mellon Corp raised its stake in shares of First Watch Restaurant Group by 96.7% during the 1st 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 in the last quarter. The Manufacturers Life Insurance Company lifted its position in First Watch Restaurant Group by 81.4% during 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 last quarter. Vanguard Group Inc. lifted its position in 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 acquiring an additional 432,634 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in 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 acquiring an additional 508,704 shares during the last quarter. 96.11% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FWRG has been the topic of several analyst reports. Freedom Capital raised shares of First Watch Restaurant Group to a "strong-buy" rating in a report on Wednesday, July 1st. Stephens reiterated an "overweight" rating and set a $21.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, May 6th. Guggenheim lowered their price objective on First Watch Restaurant Group from $21.00 to $20.00 and set a "buy" rating for the company in a research report on Friday, August 7th. TD Cowen reissued a "buy" rating and issued a $17.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, June 3rd. Finally, DA Davidson restated a "buy" rating and set a $17.00 target price on shares of First Watch Restaurant Group in a research note on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, First Watch Restaurant Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.56.

First Watch Restaurant Group Stock Up 1.1%

FWRG stock opened at $12.63 on Friday. The firm has a 50 day moving average of $12.42 and a 200 day moving average of $12.49. The stock has a market capitalization of $779.40 million, a PE ratio of 43.55, a price-to-earnings-growth ratio of 20.82 and a beta of 1.03. The company has a quick ratio of 0.22, a current ratio of 0.27 and a debt-to-equity ratio of 0.44. 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 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). 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 period in the prior year, the firm posted $0.03 EPS. The firm's revenue for the quarter was up 15.2% on a year-over-year basis. Sell-side analysts forecast that First Watch Restaurant Group, Inc. will post 0.15 earnings per share for the current 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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