Riverbridge Partners LLC Invests $20.52 Million in First Watch Restaurant Group, Inc. $FWRG

Key Points

• Riverbridge Partners LLC has invested approximately $20.52 million in First Watch Restaurant Group, acquiring over 1.27 million shares during the second quarter, representing about 2.10% of the company's stock.
• In recent months, various institutional investors have significantly increased their stakes in First Watch Restaurant Group, indicating strong interest with hedge funds and institutions now owning 96.11% of the company's shares.
• Analysts have boosted their target prices on First Watch Restaurant Group, with most providing a "buy" rating and an average target price now set at $21.09.

Riverbridge Partners LLC bought a new position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 1,279,544 shares of the company's stock, valued at approximately $20,524,000. Riverbridge Partners LLC owned about 2.10% of First Watch Restaurant Group as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FWRG. BNP Paribas Financial Markets purchased a new position in shares of First Watch Restaurant Group in the 4th quarter worth approximately $86,000. Deutsche Bank AG raised its holdings in shares of First Watch Restaurant Group by 58.5% in the 4th quarter. Deutsche Bank AG now owns 25,966 shares of the company's stock worth $483,000 after purchasing an additional 9,580 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of First Watch Restaurant Group by 3.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,269 shares of the company's stock worth $321,000 after purchasing an additional 613 shares during the period. State of Wyoming raised its holdings in shares of First Watch Restaurant Group by 212.6% in the 4th quarter. State of Wyoming now owns 3,214 shares of the company's stock worth $60,000 after purchasing an additional 2,186 shares during the period. Finally, Two Sigma Investments LP raised its holdings in shares of First Watch Restaurant Group by 159.3% in the 4th quarter. Two Sigma Investments LP now owns 211,865 shares of the company's stock worth $3,943,000 after purchasing an additional 130,169 shares during the period. Hedge funds and other institutional investors own 96.11% of the company's stock.

Insider Transactions at First Watch Restaurant Group

In related news, major shareholder International L.P. Advent sold 5,000,000 shares of the company's stock in a transaction on 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 completion of the transaction, the insider directly owned 9,689,784 shares in the company, valued at approximately $171,509,176.80. The trade was a 34.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 6.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on FWRG shares. TD Cowen boosted their target price on shares of First Watch Restaurant Group from $19.00 to $21.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. TD Securities reissued a "buy" rating and set a $19.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, June 4th. Zacks Research raised shares of First Watch Restaurant Group to a "hold" rating in a report on Friday, August 8th. Stephens boosted their target price on shares of First Watch Restaurant Group from $23.00 to $24.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. Finally, Benchmark boosted their target price on shares of First Watch Restaurant Group from $22.00 to $24.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $21.09.

First Watch Restaurant Group Stock Up 0.4%

Shares of NASDAQ:FWRG opened at $15.74 on Thursday. First Watch Restaurant Group, Inc. has a 52-week low of $12.90 and a 52-week high of $22.71. The firm has a fifty day moving average of $17.59 and a 200 day moving average of $17.12. The firm has a market capitalization of $960.45 million, a PE ratio of 262.38, a price-to-earnings-growth ratio of 5.58 and a beta of 0.92. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.23 and a current ratio of 0.27.

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

About First Watch Restaurant Group

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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