Royce & Associates LP Invests $2.01 Million in First Watch Restaurant Group, Inc. $FWRG

Key Points

• Royce & Associates LP opened a new position in First Watch Restaurant Group, buying 133,000 shares worth about $2.01 million in the fourth quarter and taking roughly 0.22% ownership.
• Several other institutions also increased or initiated stakes, and 96.11% of the stock is owned by hedge funds and other institutional investors, indicating heavy institutional interest.
• First Watch recently missed EPS estimates in its latest quarterly report, though revenue came in slightly above expectations and rose 17.3% year over year; analysts currently rate the stock a Moderate Buy with a consensus target price of $19.25.

Royce & Associates LP acquired a new position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 133,000 shares of the company's stock, valued at approximately $2,006,000. Royce & Associates LP owned about 0.22% of First Watch Restaurant Group as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Deepwater Asset Management LLC raised its stake in shares of First Watch Restaurant Group by 14.8% in the third quarter. Deepwater Asset Management LLC now owns 724,714 shares of the company's stock worth $11,335,000 after purchasing an additional 93,662 shares during the last quarter. Ghisallo Capital Management LLC purchased a new position in shares of First Watch Restaurant Group in the third quarter worth about $2,516,000. Penn Capital Management Company LLC raised its stake in shares of First Watch Restaurant Group by 11.9% in the third quarter. Penn Capital Management Company LLC now owns 1,125,353 shares of the company's stock worth $17,642,000 after purchasing an additional 119,462 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of First Watch Restaurant Group by 15.0% in the fourth quarter. Vanguard Group Inc. now owns 3,320,929 shares of the company's stock worth $50,080,000 after purchasing an additional 432,634 shares during the last quarter. Finally, Stephens Investment Management Group LLC raised its stake in shares of First Watch Restaurant Group by 46.7% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,367,051 shares of the company's stock worth $20,615,000 after purchasing an additional 434,987 shares during the last quarter. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the company. Weiss Ratings lowered First Watch Restaurant Group from a "sell (d+)" rating to a "sell (d)" rating in a report on Monday, May 11th. Barclays dropped their target price on First Watch Restaurant Group from $19.00 to $17.00 and set an "overweight" rating on the stock in a report on Wednesday, February 25th. Citigroup dropped their target price on First Watch Restaurant Group from $26.00 to $21.00 and set a "buy" rating on the stock in a report on Wednesday, February 25th. Piper Sandler reaffirmed an "overweight" rating and set a $19.00 target price on shares of First Watch Restaurant Group in a report on Tuesday, February 24th. Finally, DA Davidson reaffirmed a "buy" rating and set a $17.00 target price on shares of First Watch Restaurant Group in a report on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $19.25.

First Watch Restaurant Group Stock Down 0.5%

First Watch Restaurant Group stock opened at $11.63 on Friday. The firm has a market cap of $716.93 million, a price-to-earnings ratio of 41.54, a price-to-earnings-growth ratio of 6.07 and a beta of 1.11. First Watch Restaurant Group, Inc. has a 52 week low of $10.09 and a 52 week high of $19.53. The business's 50-day moving average price is $11.70 and its 200 day moving average price is $14.33. The company has a quick ratio of 0.25, a current ratio of 0.29 and a debt-to-equity ratio of 0.43.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.02). The business had revenue of $330.96 million for the quarter, compared to analysts' expectations of $329.35 million. First Watch Restaurant Group had a return on equity of 2.85% and a net margin of 1.38%.The business's revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.01) EPS. As a group, sell-side analysts anticipate that First Watch Restaurant Group, Inc. will post 0.2 earnings per share for the current year.

Insider Activity at First Watch Restaurant Group

In other First Watch Restaurant Group news, insider Jay Anthony Wolszczak sold 6,998 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $12.59, for a total transaction of $88,104.82. Following the transaction, the insider owned 232,091 shares in the company, valued at approximately $2,922,025.69. This represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Matthew Eisenacher sold 6,070 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $12.59, for a total value of $76,421.30. Following the transaction, the insider owned 69,983 shares in the company, valued at $881,085.97. This represents a 7.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 68,013 shares of company stock valued at $853,606 in the last ninety days. 6.10% of the stock is currently owned by company insiders.

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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