Oppenheimer Asset Management Inc. purchased a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG – Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 104,278 shares of the company’s stock, valued at approximately $1,344,000.
A number of other hedge funds have also recently added to or reduced their stakes in FWRG. Moody National Bank Trust Division raised its position in First Watch Restaurant Group by 38.1% during the second quarter. Moody National Bank Trust Division now owns 112,679 shares of the company’s stock valued at $1,452,000 after acquiring an additional 31,100 shares in the last quarter. Glenmede Trust Co. NA bought a new stake in First Watch Restaurant Group in the first quarter worth approximately $263,000. Access Investment Management LLC acquired a new position in shares of First Watch Restaurant Group during the 1st quarter worth $1,689,000. Bank of America Corp DE increased its stake in shares of First Watch Restaurant Group by 76.7% during the 1st quarter. Bank of America Corp DE now owns 1,052,426 shares of the company’s stock worth $11,029,000 after purchasing an additional 456,976 shares during the last quarter. Finally, California State Teachers Retirement System raised its holdings in shares of First Watch Restaurant Group by 67.9% during the 1st quarter. California State Teachers Retirement System now owns 77,373 shares of the company’s stock valued at $811,000 after purchasing an additional 31,281 shares in the last quarter. Institutional investors and hedge funds own 96.11% of the company’s stock.
Analysts Set New Price Targets
A number of equities research analysts recently issued reports on FWRG shares. TD Cowen reiterated a “buy” rating and issued a $17.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, June 3rd. Wall Street Zen raised First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Benchmark decreased 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. Citigroup lowered their price objective on First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Finally, Weiss Ratings raised First Watch Restaurant Group from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, First Watch Restaurant Group currently has a consensus rating of “Moderate Buy” and an average price target of $18.56.
First Watch Restaurant Group Stock Performance
NASDAQ:FWRG opened at $12.72 on Monday. The firm has a market capitalization of $784.95 million, a PE ratio of 43.86, a PEG ratio of 21.20 and a beta of 1.03. 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 current ratio of 0.27, a quick ratio of 0.22 and a debt-to-equity ratio of 0.44. The firm’s fifty day simple moving average is $12.30 and its 200 day simple moving average is $12.60.
First Watch Restaurant Group (NASDAQ:FWRG – Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). First Watch Restaurant Group had a return on equity of 2.85% and a net margin of 1.35%.The firm had revenue of $354.67 million for the quarter, compared to analyst estimates of $351.57 million. During the same period in the prior year, the firm earned $0.03 EPS. The firm’s revenue was up 15.2% on a year-over-year basis. On average, sell-side analysts anticipate that First Watch Restaurant Group, Inc. will post 0.15 EPS for the current 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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