First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Holdings Raised by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 44.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 103,935 shares of the company’s stock after acquiring an additional 31,907 shares during the quarter. Bank of New York Mellon Corp owned about 0.17% of First Watch Restaurant Group worth $1,825,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. WCM Investment Management LLC bought a new position in shares of First Watch Restaurant Group in the first quarter valued at approximately $16,030,000. Foxhaven Asset Management LP grew its holdings in First Watch Restaurant Group by 44.3% in the 4th quarter. Foxhaven Asset Management LP now owns 1,046,362 shares of the company’s stock valued at $21,032,000 after buying an additional 321,375 shares during the last quarter. Deepwater Asset Management LLC grew its holdings in First Watch Restaurant Group by 275.3% in the 1st quarter. Deepwater Asset Management LLC now owns 412,884 shares of the company’s stock valued at $10,165,000 after buying an additional 302,878 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of First Watch Restaurant Group by 18.8% during the first quarter. Vanguard Group Inc. now owns 1,611,452 shares of the company’s stock worth $39,674,000 after buying an additional 255,307 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of First Watch Restaurant Group by 14.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,408,454 shares of the company’s stock valued at $28,310,000 after buying an additional 175,074 shares during the last quarter. 96.11% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Stifel Nicolaus lowered their price target on First Watch Restaurant Group from $22.00 to $18.00 and set a “hold” rating on the stock in a research note on Tuesday, July 2nd. Barclays dropped their target price on First Watch Restaurant Group from $27.00 to $21.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Benchmark began coverage on shares of First Watch Restaurant Group in a research note on Tuesday, August 27th. They issued a “buy” rating and a $23.00 target price on the stock. TD Cowen restated a “hold” rating and issued a $18.00 target price on shares of First Watch Restaurant Group in a research note on Thursday, September 12th. Finally, Bank of America reduced their price target on shares of First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.00.

First Watch Restaurant Group Stock Performance

NASDAQ FWRG opened at $15.34 on Wednesday. The stock has a 50 day moving average of $15.95 and a 200-day moving average of $19.46. First Watch Restaurant Group, Inc. has a 12 month low of $14.05 and a 12 month high of $25.98. The company has a market cap of $926.12 million, a PE ratio of 40.37, a PEG ratio of 2.35 and a beta of 0.88. The company has a current ratio of 0.57, a quick ratio of 0.52 and a debt-to-equity ratio of 0.33.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.02. First Watch Restaurant Group had a net margin of 2.51% and a return on equity of 4.24%. The company had revenue of $258.60 million for the quarter, compared to analyst estimates of $257.65 million. During the same period in the prior year, the firm earned $0.13 earnings per share. The company’s revenue was up 19.6% on a year-over-year basis. On average, equities research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.34 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.