Deepwater Asset Management LLC Grows Stock Position in First Watch Restaurant Group, Inc. $FWRG

Deepwater Asset Management LLC grew its position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 14.8% during the third quarter, Holdings Channel reports. The institutional investor owned 724,714 shares of the company’s stock after purchasing an additional 93,662 shares during the quarter. First Watch Restaurant Group accounts for 4.5% of Deepwater Asset Management LLC’s holdings, making the stock its 16th largest holding. Deepwater Asset Management LLC’s holdings in First Watch Restaurant Group were worth $11,335,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp purchased a new stake in First Watch Restaurant Group during the third quarter valued at about $30,000. First Horizon Advisors Inc. raised its position in shares of First Watch Restaurant Group by 207.6% in the second quarter. First Horizon Advisors Inc. now owns 1,950 shares of the company’s stock valued at $31,000 after purchasing an additional 1,316 shares during the period. BNP Paribas Financial Markets raised its position in shares of First Watch Restaurant Group by 61.9% in the second quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company’s stock valued at $70,000 after purchasing an additional 1,673 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of First Watch Restaurant Group by 435.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,277 shares of the company’s stock valued at $117,000 after buying an additional 5,918 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey boosted its holdings in First Watch Restaurant Group by 17.3% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 9,108 shares of the company’s stock worth $146,000 after buying an additional 1,341 shares during the period. Hedge funds and other institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Stock Performance

NASDAQ FWRG opened at $12.40 on Wednesday. First Watch Restaurant Group, Inc. has a 52-week low of $11.93 and a 52-week high of $20.55. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.25 and a current ratio of 0.29. The company has a market capitalization of $758.14 million, a P/E ratio of 40.00, a P/E/G ratio of 2.51 and a beta of 0.92. The company has a fifty day moving average of $15.69 and a 200-day moving average of $16.63.

First Watch Restaurant Group (NASDAQ:FWRG) last released its earnings results on Tuesday, February 24th. The company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.16. First Watch Restaurant Group had a return on equity of 3.20% and a net margin of 1.59%.The business had revenue of $316.35 million for the quarter, compared to analysts’ expectations of $317.49 million. During the same quarter in the prior year, the firm earned $0.01 earnings per share. The firm’s revenue was up 20.2% on a year-over-year basis. As a group, equities research analysts predict that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

Insider Activity at First Watch Restaurant Group

In related news, Director William A. Kussell sold 6,165 shares of the firm’s stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $17.00, for a total transaction of $104,805.00. Following the transaction, the director directly owned 26,402 shares of the company’s stock, valued at approximately $448,834. This trade represents a 18.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 6.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FWRG. Citigroup dropped their target price on First Watch Restaurant Group from $26.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, February 25th. Piper Sandler restated an “overweight” rating and issued a $19.00 target price on shares of First Watch Restaurant Group in a research note on Tuesday, February 24th. Zacks Research upgraded First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 10th. TD Cowen lowered their price target on shares of First Watch Restaurant Group from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of First Watch Restaurant Group in a research note on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $20.08.

First Watch Restaurant Group 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.