Vanguard Group Inc. Boosts Stock Position in First Watch Restaurant Group, Inc. $FWRG

Key Points

• Vanguard Group Inc. increased its stake in First Watch Restaurant Group by 2.0%, acquiring 46,566 shares during the first quarter, bringing its total ownership to 2,398,180 shares valued at approximately $39.93 million.
• First Watch Restaurant Group reported $307.89 million in revenue for the last quarter, surpassing analysts' expectations, although its earnings per share of $0.03 fell short of the consensus estimate.
• Several brokerages have adjusted their price targets for First Watch shares, with Benchmark raising its target from $22.00 to $24.00 and maintaining a "buy" rating, indicating positive analyst sentiment towards the stock.

Vanguard Group Inc. grew its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 2.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,398,180 shares of the company's stock after purchasing an additional 46,566 shares during the quarter. Vanguard Group Inc. owned about 3.93% of First Watch Restaurant Group worth $39,930,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Envestnet Asset Management Inc. raised its position in shares of First Watch Restaurant Group by 398.1% during the 4th quarter. Envestnet Asset Management Inc. now owns 66,286 shares of the company's stock valued at $1,234,000 after buying an additional 52,977 shares during the period. Legal & General Group Plc raised its position in First Watch Restaurant Group by 21.9% in the fourth quarter. Legal & General Group Plc now owns 40,462 shares of the company's stock valued at $753,000 after purchasing an additional 7,273 shares during the period. Raymond James Financial Inc. purchased a new stake in First Watch Restaurant Group in the fourth quarter valued at approximately $1,674,000. Mariner LLC raised its position in First Watch Restaurant Group by 5.1% in the fourth quarter. Mariner LLC now owns 21,446 shares of the company's stock valued at $399,000 after purchasing an additional 1,033 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in First Watch Restaurant Group by 15.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,923,901 shares of the company's stock valued at $35,804,000 after purchasing an additional 259,517 shares during the period. 96.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FWRG has been the topic of a number of research analyst reports. TD Cowen boosted their target price on First Watch Restaurant Group from $19.00 to $21.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Stifel Nicolaus set a $17.00 target price on First Watch Restaurant Group in a research report on Wednesday, May 7th. Guggenheim cut their target price on First Watch Restaurant Group from $23.00 to $22.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Stephens boosted their target price on First Watch Restaurant Group from $23.00 to $24.00 and gave the company an "overweight" rating in a research report on Wednesday, August 6th. Finally, Raymond James Financial boosted their target price on First Watch Restaurant Group from $21.00 to $22.00 and gave the company a "strong-buy" rating in a research report on Thursday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $21.09.

First Watch Restaurant Group Stock Up 0.1%

Shares of First Watch Restaurant Group stock traded up $0.01 during trading hours on Friday, reaching $18.84. 507,086 shares of the company were exchanged, compared to its average volume of 1,361,804. First Watch Restaurant Group, Inc. has a 1 year low of $12.90 and a 1 year high of $22.71. The stock's fifty day moving average is $17.43 and its 200 day moving average is $17.49. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.23 and a current ratio of 0.27. The firm has a market cap of $1.15 billion, a PE ratio of 314.05, a PEG ratio of 6.70 and a beta of 0.91.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last posted its 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). The business had revenue of $307.89 million during the quarter, compared to analysts' expectations of $304.94 million. First Watch Restaurant Group had a net margin of 0.37% and a return on equity of 0.69%. The business's quarterly revenue was up 19.1% compared to the same quarter last year. During the same period last year, the company earned $0.14 EPS. First Watch Restaurant Group has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder International L.P. Advent sold 5,000,000 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $17.70, for a total value of $88,500,000.00. Following the transaction, the insider owned 9,689,784 shares of the company's stock, valued at $171,509,176.80. This represents a 34.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 6.00% of the stock is owned by company insiders.

First Watch Restaurant Group Company 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.