Western Standard LLC Purchases Shares of 513,240 First Watch Restaurant Group, Inc. $FWRG

Western Standard LLC purchased a new stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 513,240 shares of the company’s stock, valued at approximately $6,616,000. First Watch Restaurant Group comprises approximately 2.2% of Western Standard LLC’s holdings, making the stock its 15th largest holding. Western Standard LLC owned 0.83% of First Watch Restaurant Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Royce & Associates LP bought a new stake in First Watch Restaurant Group during the 4th quarter valued at $2,006,000. Riverbridge Partners LLC grew 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 purchasing an additional 995,671 shares in the last quarter. Stephens Investment Management Group LLC grew its stake in shares of First Watch Restaurant Group by 46.7% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,367,051 shares of the company’s stock worth $20,615,000 after purchasing an additional 434,987 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of First Watch Restaurant Group by 15.0% in the fourth quarter. Vanguard Group Inc. now owns 3,320,929 shares of the company’s stock worth $50,080,000 after purchasing an additional 432,634 shares in the last quarter. Finally, GW&K Investment Management LLC increased its holdings in shares of First Watch Restaurant Group by 18.1% during the fourth quarter. GW&K Investment Management LLC now owns 2,032,631 shares of the company’s stock valued at $30,653,000 after purchasing an additional 311,938 shares during the period. 96.11% of the stock is currently owned by institutional investors and hedge funds.

First Watch Restaurant Group Stock Up 4.0%

Shares of FWRG stock opened at $12.49 on Thursday. First Watch Restaurant Group, Inc. has a 1 year low of $9.97 and a 1 year high of $19.53. 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 business’s fifty day moving average is $12.41 and its 200-day moving average is $12.52. The stock has a market cap of $770.76 million, a PE ratio of 43.07, a price-to-earnings-growth ratio of 20.02 and a beta of 1.03.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). First Watch Restaurant Group had a net margin of 1.35% and a return on equity of 2.85%. The firm had revenue of $354.67 million during the quarter, compared to analyst estimates of $351.57 million. During the same quarter last year, the company earned $0.03 EPS. The company’s quarterly revenue was up 15.2% compared to the same quarter last year. Equities analysts expect that First Watch Restaurant Group, Inc. will post 0.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on FWRG shares. Stephens reaffirmed an “overweight” rating and issued a $21.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, May 6th. Weiss Ratings upgraded shares of First Watch Restaurant Group from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, August 4th. Wall Street Zen raised shares of First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Citigroup dropped their price target on shares of 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, Guggenheim reduced their price target on shares of First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating for the company in a research note on Friday, August 7th. One equities 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.com, First Watch Restaurant Group has an average rating of “Moderate Buy” and an average target price of $18.56.

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.