Vanguard Group Inc. Buys 432,634 Shares of First Watch Restaurant Group, Inc. $FWRG

Key Points

• Vanguard Group increased its stake in First Watch Restaurant Group by 15% in the fourth quarter, buying 432,634 additional shares to bring its holdings to 3.32 million shares worth about $50.1 million.
• First Watch shares were trading up 4.4% at $11.23, but the stock remains well below its 52-week high of $19.53 and near its low of $10.09.
• The company recently reported mixed quarterly results: revenue rose 17.3% year over year to $330.96 million, but earnings per share of -$0.04 missed analyst expectations.

Vanguard Group Inc. grew its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 15.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,320,929 shares of the company's stock after buying an additional 432,634 shares during the period. Vanguard Group Inc. owned 5.44% of First Watch Restaurant Group worth $50,080,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its position in shares of First Watch Restaurant Group by 2.9% during the third quarter. Dimensional Fund Advisors LP now owns 2,442,780 shares of the company's stock valued at $38,206,000 after buying an additional 69,415 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of First Watch Restaurant Group by 51.7% during the second quarter. The Manufacturers Life Insurance Company now owns 2,335,883 shares of the company's stock valued at $37,468,000 after buying an additional 796,191 shares during the last quarter. Lazard Asset Management LLC raised its position in shares of First Watch Restaurant Group by 13.4% during the second quarter. Lazard Asset Management LLC now owns 2,281,137 shares of the company's stock valued at $36,589,000 after buying an additional 269,726 shares during the last quarter. Granahan Investment Management LLC raised its position in shares of First Watch Restaurant Group by 1.2% during the third quarter. Granahan Investment Management LLC now owns 1,667,332 shares of the company's stock valued at $26,077,000 after buying an additional 20,204 shares during the last quarter. Finally, Marshall Wace LLP raised its position in shares of First Watch Restaurant Group by 36.4% during the third quarter. Marshall Wace LLP now owns 1,641,205 shares of the company's stock valued at $25,668,000 after buying an additional 438,096 shares during the last quarter. Institutional investors own 96.11% of the company's stock.

First Watch Restaurant Group Trading Up 4.4%

Shares of FWRG opened at $11.23 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.25 and a current ratio of 0.29. First Watch Restaurant Group, Inc. has a fifty-two week low of $10.09 and a fifty-two week high of $19.53. The stock has a market capitalization of $692.27 million, a PE ratio of 40.11, a P/E/G ratio of 5.61 and a beta of 1.11. The company's fifty day moving average is $11.90 and its 200 day moving average is $14.73.

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

Insider Buying and Selling at First Watch Restaurant Group

In other First Watch Restaurant Group news, CEO Christopher Anthony Tomasso sold 25,062 shares of the business's stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $12.52, for a total transaction of $313,776.24. Following the transaction, the chief executive officer owned 957,315 shares in the company, valued at $11,985,583.80. The trade was a 2.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO H Melville Hope III sold 7,358 shares of the business's stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $12.59, for a total transaction of $92,637.22. Following the transaction, the chief financial officer owned 115,665 shares in the company, valued at $1,456,222.35. This trade represents a 5.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 68,013 shares of company stock valued at $853,606. Insiders own 6.10% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FWRG. Wall Street Zen cut shares of First Watch Restaurant Group from a "hold" rating to a "strong sell" rating in a research report on Saturday, May 9th. Guggenheim reduced their price objective on shares of First Watch Restaurant Group from $23.00 to $21.00 and set a "buy" rating on the stock in a research report on Wednesday, February 25th. Stifel Nicolaus set a $14.00 price objective on shares of First Watch Restaurant Group in a research report on Tuesday, May 5th. Benchmark reduced their price target on shares of First Watch Restaurant Group from $24.00 to $22.00 and set a "buy" rating on the stock in a research report on Monday, April 20th. Finally, Piper Sandler restated an "overweight" rating and issued a $19.00 price target on shares of First Watch Restaurant Group in a research report on Tuesday, February 24th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $19.25.

First Watch Restaurant Group Company 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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