Stephens Investment Management Group LLC Acquires 434,987 Shares of First Watch Restaurant Group, Inc. $FWRG

Key Points

• Stephens Investment Management Group increased its stake in First Watch Restaurant Group by 46.7% in Q4, adding 434,987 shares to bring its total to 1,367,051 shares worth about $20.6 million.
• Wall Street remains cautiously positive on FWRG, with a consensus Moderate Buy rating and an average price target of $19.25, though several firms recently trimmed their targets.
• First Watch reported revenue growth of 17.3% year over year to $330.96 million in its latest quarter, but EPS of -$0.04 missed expectations; the stock was trading near $11.23, well below its 12-month high of $19.53.

Stephens Investment Management Group LLC raised its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 46.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,367,051 shares of the company's stock after acquiring an additional 434,987 shares during the quarter. Stephens Investment Management Group LLC owned approximately 2.24% of First Watch Restaurant Group worth $20,615,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Jones Financial Companies Lllp bought a new stake in First Watch Restaurant Group during the third quarter valued at about $30,000. BNP Paribas Financial Markets raised its holdings in First Watch Restaurant Group by 61.9% during the second quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company's stock valued at $70,000 after acquiring an additional 1,673 shares during the period. Tower Research Capital LLC TRC raised its holdings in First Watch Restaurant Group by 435.5% during the second quarter. Tower Research Capital LLC TRC now owns 7,277 shares of the company's stock valued at $117,000 after acquiring an additional 5,918 shares during the period. Comerica Bank raised its holdings in First Watch Restaurant Group by 30.2% during the third quarter. Comerica Bank now owns 8,577 shares of the company's stock valued at $134,000 after acquiring an additional 1,991 shares during the period. Finally, Sanctuary Advisors LLC bought a new stake in First Watch Restaurant Group during the fourth quarter valued at about $162,000. 96.11% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on FWRG. Piper Sandler reissued an "overweight" rating and set a $19.00 price target on shares of First Watch Restaurant Group in a report on Tuesday, February 24th. Stifel Nicolaus set a $14.00 price target on First Watch Restaurant Group in a report on Tuesday, May 5th. Stephens reissued an "overweight" rating and set a $21.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, May 6th. Benchmark reduced their target price on First Watch Restaurant Group from $24.00 to $22.00 and set a "buy" rating on the stock in a report on Monday, April 20th. Finally, TD Cowen reduced their target price on First Watch Restaurant Group from $18.00 to $17.00 and set a "buy" rating on the stock in a report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned 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 target price of $19.25.

Insider Transactions at First Watch Restaurant Group

In other news, insider Matthew Eisenacher sold 2,760 shares of First Watch Restaurant Group stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $12.52, for a total value of $34,555.20. Following the sale, the insider directly owned 67,223 shares of the company's stock, valued at approximately $841,631.96. The trade was a 3.94% 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 Jay Anthony Wolszczak sold 3,161 shares of First Watch Restaurant Group stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $12.52, for a total value of $39,575.72. Following the completion of the transaction, the insider owned 228,930 shares of the company's stock, valued at approximately $2,866,203.60. This represents a 1.36% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 68,013 shares of company stock valued at $853,606. 6.10% of the stock is owned by insiders.

First Watch Restaurant Group Stock Performance

Shares of FWRG stock opened at $11.23 on Monday. First Watch Restaurant Group, Inc. has a 12-month low of $10.09 and a 12-month high of $19.53. The company has a current ratio of 0.29, a quick ratio of 0.25 and a debt-to-equity ratio of 0.43. The stock's 50-day moving average price is $11.90 and its 200-day moving average price is $14.71. The stock has a market capitalization of $692.33 million, a price-to-earnings ratio of 40.11, a price-to-earnings-growth ratio of 5.86 and a beta of 1.11.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.02). First Watch Restaurant Group had a return on equity of 2.85% and a net margin of 1.38%.The firm had revenue of $330.96 million during the quarter, compared to the consensus estimate of $329.35 million. During the same period last year, the firm posted ($0.01) earnings per share. The company's revenue for the quarter was up 17.3% compared to the same quarter last year. Equities research analysts predict that First Watch Restaurant Group, Inc. will post 0.2 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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