Granahan Investment Management LLC Sells 216,095 Shares of First Watch Restaurant Group, Inc. $FWRG

Granahan Investment Management LLC lowered its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 13.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 1,451,237 shares of the company’s stock after selling 216,095 shares during the period. Granahan Investment Management LLC owned approximately 2.38% of First Watch Restaurant Group worth $21,885,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Deepwater Asset Management LLC boosted its stake in First Watch Restaurant Group by 14.8% during the 3rd quarter. Deepwater Asset Management LLC now owns 724,714 shares of the company’s stock valued at $11,335,000 after purchasing an additional 93,662 shares during the last quarter. Royce & Associates LP acquired a new position in First Watch Restaurant Group during the 4th quarter valued at about $2,006,000. Stephens Investment Management Group LLC boosted its stake in First Watch Restaurant Group by 46.7% during the 4th quarter. Stephens Investment Management Group LLC now owns 1,367,051 shares of the company’s stock valued at $20,615,000 after purchasing an additional 434,987 shares during the last quarter. Vanguard Group Inc. boosted its stake in First Watch Restaurant Group by 15.0% during the 4th quarter. Vanguard Group Inc. now owns 3,320,929 shares of the company’s stock valued at $50,080,000 after purchasing an additional 432,634 shares during the last quarter. Finally, Ghisallo Capital Management LLC acquired a new position in First Watch Restaurant Group during the 3rd quarter valued at about $2,516,000. Institutional investors and hedge funds own 96.11% of the company’s stock.

First Watch Restaurant Group Price Performance

First Watch Restaurant Group stock opened at $11.60 on Wednesday. First Watch Restaurant Group, Inc. has a 12 month low of $9.97 and a 12 month high of $19.53. The company has a current ratio of 0.29, a quick ratio of 0.25 and a debt-to-equity ratio of 0.43. The business’s 50 day simple moving average is $11.66 and its 200 day simple moving average is $13.81. The company has a market cap of $715.14 million, a price-to-earnings ratio of 41.43, a PEG ratio of 6.13 and a beta of 1.06.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $329.35 million. During the same quarter in the previous year, the company posted ($0.01) EPS. First Watch Restaurant Group’s revenue for the quarter was up 17.3% on a year-over-year basis. Sell-side analysts forecast that First Watch Restaurant Group, Inc. will post 0.2 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FWRG. Wall Street Zen upgraded First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 30th. Guggenheim cut their price target on First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. Stephens reiterated an “overweight” rating and set a $21.00 price target on shares of First Watch Restaurant Group in a research note on Wednesday, May 6th. Benchmark cut their price target on First Watch Restaurant Group from $24.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, April 20th. Finally, Barclays cut their target price on First Watch Restaurant Group from $19.00 to $17.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.27.

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.