Granahan Investment Management LLC lessened its position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG – Free Report) by 25.0% in the first quarter, HoldingsChannel.com reports. The fund owned 1,088,037 shares of the company’s stock after selling 363,200 shares during the period. Granahan Investment Management LLC’s holdings in First Watch Restaurant Group were worth $11,403,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently modified their holdings of FWRG. Bank of New York Mellon Corp grew its holdings in First Watch Restaurant Group by 96.7% during the first quarter. Bank of New York Mellon Corp now owns 3,957,697 shares of the company’s stock worth $41,477,000 after purchasing an additional 1,946,084 shares during the period. Woodline Partners LP acquired a new position in First Watch Restaurant Group during the third quarter worth approximately $20,318,000. Riverbridge Partners LLC raised its stake in 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 valued at $21,921,000 after buying an additional 995,671 shares during the period. The Manufacturers Life Insurance Company raised its stake in First Watch Restaurant Group by 51.7% in 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 period. Finally, Hodges Capital Management Inc. lifted its position in shares of First Watch Restaurant Group by 113.7% in the first quarter. Hodges Capital Management Inc. now owns 1,481,777 shares of the company’s stock valued at $15,529,000 after buying an additional 788,436 shares during the last quarter. 96.11% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research firms have commented on FWRG. Wall Street Zen cut shares of First Watch Restaurant Group from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 18th. Benchmark dropped their price objective 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. DA Davidson restated a “buy” rating and set a $17.00 target price on shares of First Watch Restaurant Group in a research note on Tuesday, April 28th. Stephens reaffirmed an “overweight” rating and set a $21.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, May 6th. Finally, Freedom Capital upgraded shares of First Watch Restaurant Group to a “strong-buy” rating in a research note on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, First Watch Restaurant Group currently has an average rating of “Moderate Buy” and a consensus price target of $18.78.
First Watch Restaurant Group Stock Performance
NASDAQ:FWRG opened at $12.12 on Friday. First Watch Restaurant Group, Inc. has a twelve month low of $9.97 and a twelve month high of $19.53. The company has a quick ratio of 0.25, a current ratio of 0.29 and a debt-to-equity ratio of 0.43. The stock’s 50-day simple moving average is $11.82 and its 200 day simple moving average is $13.00. The firm has a market capitalization of $747.20 million, a PE ratio of 43.29, a price-to-earnings-growth ratio of 7.09 and a beta of 1.03.
First Watch Restaurant Group (NASDAQ:FWRG – Get Free Report) last issued its earnings results 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 return on equity of 2.85% and a net margin of 1.38%.The business had revenue of $330.96 million for the quarter, compared to analyst estimates of $329.35 million. During the same period in the previous year, the firm posted ($0.01) EPS. The firm’s revenue was up 17.3% compared to the same quarter last year. On average, analysts anticipate that First Watch Restaurant Group, Inc. will post 0.2 EPS for the current fiscal year.
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.
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