Vancity Investment Management Ltd Takes $758,000 Position in First Watch Restaurant Group, Inc. $FWRG

Key Points

• Vancity Investment Management Ltd acquired a new position in First Watch Restaurant Group, purchasing 45,509 shares valued at approximately $758,000, marking a 0.07% ownership stake in the company.
• Other institutional investors have significantly increased their stakes in First Watch, with notable increases such as State of Wyoming's 212.6% rise in ownership during the fourth quarter.
• The company's recent quarterly report showed a revenue increase of 19.1% year-over-year, despite missing earnings per share (EPS) estimates and setting a FY 2025 EPS guidance.

Vancity Investment Management Ltd bought a new position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 45,509 shares of the company's stock, valued at approximately $758,000. Vancity Investment Management Ltd owned 0.07% of First Watch Restaurant Group at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake 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 valued at $321,000 after acquiring an additional 613 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of First Watch Restaurant Group by 4.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 16,943 shares of the company's stock valued at $282,000 after acquiring an additional 708 shares during the period. Oppenheimer Asset Management Inc. raised its stake in shares of First Watch Restaurant Group by 19.0% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 13,039 shares of the company's stock valued at $217,000 after acquiring an additional 2,083 shares during the period. State of Wyoming raised its stake 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 valued at $60,000 after acquiring an additional 2,186 shares during the period. Finally, Corebridge Financial Inc. raised its stake in shares of First Watch Restaurant Group by 24.7% in the 1st quarter. Corebridge Financial Inc. now owns 18,812 shares of the company's stock valued at $313,000 after acquiring an additional 3,724 shares during the period. 96.11% of the stock is owned by hedge funds and other institutional investors.

First Watch Restaurant Group Stock Down 3.9%

FWRG traded down $0.69 during trading hours on Friday, hitting $17.02. 1,307,410 shares of the company's stock were exchanged, compared to its average volume of 1,072,741. First Watch Restaurant Group, Inc. has a 12-month low of $12.90 and a 12-month high of $22.71. The firm has a 50 day moving average of $17.78 and a 200 day moving average of $17.33. The firm has a market cap of $1.04 billion, a P/E ratio of 283.71, a price-to-earnings-growth ratio of 6.30 and a beta of 0.92. The company has a current ratio of 0.27, a quick ratio of 0.23 and a debt-to-equity ratio of 0.42.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.03 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 firm had revenue of $307.89 million for the quarter, compared to analyst estimates of $304.94 million. During the same quarter last year, the firm earned $0.14 EPS. The company's revenue was up 19.1% on a year-over-year basis. First Watch Restaurant Group has set its FY 2025 guidance at EPS. Analysts predict that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

Insider Buying and Selling

In other First Watch Restaurant Group news, major shareholder International L.P. Advent sold 5,000,000 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $17.70, for a total transaction of $88,500,000.00. Following the completion of the transaction, the insider owned 9,689,784 shares in the company, valued at $171,509,176.80. The trade was a 34.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 6.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

FWRG has been the topic of a number of research analyst reports. Stephens boosted their price target on shares of First Watch Restaurant Group from $23.00 to $24.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Raymond James Financial boosted their price target on shares of First Watch Restaurant Group from $21.00 to $22.00 and gave the company a "strong-buy" rating in a research note on Thursday, July 17th. Barclays boosted their price target on shares of First Watch Restaurant Group from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Wall Street Zen downgraded shares of First Watch Restaurant Group from a "hold" rating to a "sell" rating in a research note on Friday, September 5th. Finally, Bank of America cut their target price on shares of First Watch Restaurant Group from $23.00 to $21.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $21.09.

First Watch Restaurant Group Profile

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.