Squarepoint Ops LLC Decreases Position in First Watch Restaurant Group, Inc. $FWRG

Key Points

• Squarepoint Ops LLC cut its First Watch Restaurant Group position by 69.7% in the second quarter, selling 131,335 shares and retaining 57,158 shares valued at approximately $737,000.
• Institutional ownership remains high at 96.11%, with BlackRock and Manufacturers Life acquiring new stakes while Bank of New York Mellon, Dimensional Fund Advisors, and Riverbridge Partners increased their holdings.
• First Watch reported quarterly revenue of $354.67 million, up 15.2% year over year, but missed EPS estimates by one cent. Shares traded near $10.18, while analysts maintained a consensus “Moderate Buy” rating with an average price target of $18.56.

Squarepoint Ops LLC trimmed its position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 69.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 57,158 shares of the company's stock after selling 131,335 shares during the period. Squarepoint Ops LLC owned about 0.09% of First Watch Restaurant Group worth $737,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of FWRG. BlackRock Inc. purchased a new stake in shares of First Watch Restaurant Group during the second quarter worth approximately $58,445,000. Bank of New York Mellon Corp grew its holdings in shares of 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 buying an additional 1,946,084 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of First Watch Restaurant Group in the second quarter valued at about $49,291,000. Dimensional Fund Advisors LP raised its position in shares of First Watch Restaurant Group by 19.7% in the first quarter. Dimensional Fund Advisors LP now owns 3,084,886 shares of the company's stock valued at $32,328,000 after buying an additional 508,704 shares during the last quarter. Finally, Riverbridge Partners LLC lifted its stake in shares of First Watch Restaurant Group by 90.8% in the first quarter. Riverbridge Partners LLC now owns 2,091,700 shares of the company's stock worth $21,921,000 after buying an additional 995,671 shares in the last quarter. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

First Watch Restaurant Group Trading Up 0.8%

FWRG opened at $10.18 on Friday. The business's 50 day moving average price is $12.21 and its 200 day moving average price is $11.96. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.22 and a current ratio of 0.27. The stock has a market capitalization of $628.21 million, a PE ratio of 35.10, a P/E/G ratio of 16.84 and a beta of 1.03. First Watch Restaurant Group, Inc. has a one year low of $9.96 and a one year high of $18.82.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $0.04 EPS for the quarter, missing analysts' consensus estimates of $0.05 by ($0.01). The business had revenue of $354.67 million during 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%. First Watch Restaurant Group's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.03 EPS. As a group, equities research analysts expect that First Watch Restaurant Group, Inc. will post 0.15 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Freedom Capital upgraded shares of First Watch Restaurant Group to a "strong-buy" rating in a report on Wednesday, July 1st. Guggenheim lowered their target price on First Watch Restaurant Group from $21.00 to $20.00 and set a "buy" rating on the stock in a report on Friday, August 7th. Weiss Ratings cut First Watch Restaurant Group from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday. Citigroup reduced their price objective on First Watch Restaurant Group from $21.00 to $20.00 and set a "buy" rating on the stock in a research report on Wednesday, August 5th. Finally, TD Cowen reissued a "buy" rating and set a $17.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, First Watch Restaurant Group has a consensus rating of "Moderate Buy" and an average target price of $18.56.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc is a U.S.-based restaurant company that operates full-service daytime dining restaurants under the First Watch brand. Its restaurants serve breakfast, brunch and lunch, with made-to-order menu items such as omelets, eggs, pancakes, avocado toast, sandwiches, salads and fresh juices. The company emphasizes fresh ingredients, seasonal offerings and hospitality in a daytime-only operating model.

First Watch restaurants are located across the United States, primarily in suburban and high-traffic retail areas.

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