Victory Capital Management Inc. Grows Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Victory Capital Management Inc. increased its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 163.9% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 59,361 shares of the company’s stock after buying an additional 36,870 shares during the quarter. Victory Capital Management Inc. owned about 0.10% of First Watch Restaurant Group worth $1,042,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of FWRG. 1832 Asset Management L.P. bought a new stake in shares of First Watch Restaurant Group in the first quarter worth approximately $3,333,000. Gilder Gagnon Howe & Co. LLC boosted its holdings in First Watch Restaurant Group by 9.6% in the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 1,074,612 shares of the company’s stock worth $21,600,000 after purchasing an additional 93,931 shares during the last quarter. Stephens Investment Management Group LLC grew its position in First Watch Restaurant Group by 16.5% in the 4th quarter. Stephens Investment Management Group LLC now owns 353,041 shares of the company’s stock worth $7,096,000 after purchasing an additional 50,057 shares during the period. Deepwater Asset Management LLC raised its stake in First Watch Restaurant Group by 275.3% during 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. Finally, Primoris Wealth Advisors LLC bought a new position in shares of First Watch Restaurant Group during the 1st quarter valued at $1,788,000. Hedge funds and other institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Stock Performance

FWRG opened at $15.44 on Friday. The company has a 50 day simple moving average of $15.94 and a two-hundred day simple moving average of $19.34. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.57 and a quick ratio of 0.52. The firm has a market cap of $932.16 million, a P/E ratio of 41.63, a PEG ratio of 2.35 and a beta of 0.88. First Watch Restaurant Group, Inc. has a 1-year low of $14.05 and a 1-year high of $25.98.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its earnings results on Tuesday, August 6th. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.02. The company had revenue of $258.60 million during the quarter, compared to the consensus estimate of $257.65 million. First Watch Restaurant Group had a net margin of 2.51% and a return on equity of 4.24%. First Watch Restaurant Group’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.13 EPS. Equities analysts forecast that First Watch Restaurant Group, Inc. will post 0.34 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

FWRG has been the subject of several research analyst reports. Benchmark started coverage on First Watch Restaurant Group in a report on Tuesday, August 27th. They issued a “buy” rating and a $23.00 price objective for the company. Stifel Nicolaus reduced their price target on shares of First Watch Restaurant Group from $22.00 to $18.00 and set a “hold” rating for the company in a research report on Tuesday, July 2nd. TD Cowen reiterated a “hold” rating and issued a $18.00 price objective on shares of First Watch Restaurant Group in a research note on Thursday, September 12th. Bank of America cut their target price on shares of First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Finally, Barclays decreased their price target on shares of First Watch Restaurant Group from $27.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Two investment 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. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

About First Watch Restaurant Group

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.