First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Stock Holdings Increased by Stephens Investment Management Group LLC

Stephens Investment Management Group LLC raised its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 33.2% in the third quarter, HoldingsChannel.com reports. The fund owned 503,678 shares of the company’s stock after buying an additional 125,452 shares during the quarter. Stephens Investment Management Group LLC’s holdings in First Watch Restaurant Group were worth $7,857,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in First Watch Restaurant Group by 18.8% in the first quarter. Vanguard Group Inc. now owns 1,611,452 shares of the company’s stock valued at $39,674,000 after acquiring an additional 255,307 shares during the period. Dimensional Fund Advisors LP boosted its stake in First Watch Restaurant Group by 15.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,385,972 shares of the company’s stock valued at $24,338,000 after acquiring an additional 189,740 shares during the period. The Manufacturers Life Insurance Company boosted its stake in First Watch Restaurant Group by 26.5% in the second quarter. The Manufacturers Life Insurance Company now owns 1,340,819 shares of the company’s stock valued at $23,545,000 after acquiring an additional 281,056 shares during the period. Deepwater Asset Management LLC boosted its stake in First Watch Restaurant Group by 15.4% in the third quarter. Deepwater Asset Management LLC now owns 802,625 shares of the company’s stock valued at $12,521,000 after acquiring an additional 106,976 shares during the period. Finally, Capital Research Global Investors boosted its stake in First Watch Restaurant Group by 17.1% in the first quarter. Capital Research Global Investors now owns 776,545 shares of the company’s stock valued at $19,119,000 after acquiring an additional 113,555 shares during the period. 96.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FWRG. Guggenheim reduced their price objective on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, October 4th. Barclays reduced their price objective on First Watch Restaurant Group from $21.00 to $18.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Stephens began coverage on First Watch Restaurant Group in a research report on Thursday, October 17th. They set an “overweight” rating and a $20.00 price objective for the company. TD Cowen reiterated a “hold” rating and set a $18.00 price objective on shares of First Watch Restaurant Group in a research report on Thursday, September 12th. Finally, Benchmark reiterated a “buy” rating and set a $23.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $22.00.

First Watch Restaurant Group Stock Performance

FWRG opened at $17.17 on Friday. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of 44.03, a price-to-earnings-growth ratio of 4.61 and a beta of 0.87. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.57 and a quick ratio of 0.52. First Watch Restaurant Group, Inc. has a 1-year low of $12.90 and a 1-year high of $25.98. The business has a 50 day moving average price of $15.71 and a two-hundred day moving average price of $17.52.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.02. The company had revenue of $258.60 million for the quarter, compared to analysts’ expectations of $257.65 million. First Watch Restaurant Group had a return on equity of 4.24% and a net margin of 2.51%. The firm’s revenue was up 19.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.13 earnings per share. Research analysts predict that First Watch Restaurant Group, Inc. will post 0.33 EPS for the current fiscal year.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc, through its subsidiaries, operates and franchises restaurants under the First Watch trade name in the United States. The company was formerly known as AI Fresh Super Holdco, Inc and changed its name to First Watch Restaurant Group, Inc in December 2019. First Watch Restaurant Group, Inc was founded in 1983 and is based in Bradenton, Florida.