Deepwater Asset Management LLC Purchases 282,765 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Deepwater Asset Management LLC raised its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 68.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 695,649 shares of the company’s stock after buying an additional 282,765 shares during the quarter. First Watch Restaurant Group accounts for approximately 4.4% of Deepwater Asset Management LLC’s holdings, making the stock its 19th biggest holding. Deepwater Asset Management LLC owned approximately 1.15% of First Watch Restaurant Group worth $12,216,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in FWRG. Sei Investments Co. raised its position in First Watch Restaurant Group by 6.5% in the first quarter. Sei Investments Co. now owns 29,162 shares of the company’s stock worth $718,000 after purchasing an additional 1,783 shares in the last quarter. iA Global Asset Management Inc. raised its holdings in shares of First Watch Restaurant Group by 10.9% in the 2nd quarter. iA Global Asset Management Inc. now owns 19,898 shares of the company’s stock worth $349,000 after buying an additional 1,948 shares in the last quarter. Quent Capital LLC lifted its position in shares of First Watch Restaurant Group by 28.6% during the 2nd quarter. Quent Capital LLC now owns 9,000 shares of the company’s stock worth $158,000 after buying an additional 2,000 shares during the period. Sunbelt Securities Inc. acquired a new stake in First Watch Restaurant Group in the 1st quarter valued at $65,000. Finally, Vancity Investment Management Ltd grew its position in First Watch Restaurant Group by 14.8% in the fourth quarter. Vancity Investment Management Ltd now owns 21,808 shares of the company’s stock valued at $438,000 after acquiring an additional 2,808 shares during the period. Institutional investors and hedge funds own 96.11% of the company’s stock.

First Watch Restaurant Group Stock Performance

Shares of First Watch Restaurant Group stock opened at $15.44 on Friday. 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 50 day simple moving average of $15.93 and a 200 day simple moving average of $19.23. First Watch Restaurant Group, Inc. has a fifty-two week low of $14.05 and a fifty-two week high of $25.98. The firm has a market cap of $932.16 million, a P/E ratio of 40.63, a P/E/G ratio of 2.35 and a beta of 0.88.

First Watch Restaurant Group (NASDAQ:FWRG) last released its earnings results on Tuesday, August 6th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.12 by $0.02. First Watch Restaurant Group had a return on equity of 4.24% and a net margin of 2.51%. The company had revenue of $258.60 million during the quarter, compared to analysts’ expectations of $257.65 million. During the same period last year, the firm earned $0.13 EPS. The business’s revenue for the quarter was up 19.6% on a year-over-year basis. Sell-side analysts predict that First Watch Restaurant Group, Inc. will post 0.34 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Stifel Nicolaus cut their price objective on First Watch Restaurant Group from $22.00 to $18.00 and set a “hold” rating for the company in a report on Tuesday, July 2nd. 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. Benchmark started coverage on shares of First Watch Restaurant Group in a report on Tuesday, August 27th. They set a “buy” rating and a $23.00 price objective for the company. Barclays reduced their target price on First Watch Restaurant Group from $27.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Finally, TD Cowen restated a “hold” rating and set a $18.00 price target on shares of First Watch Restaurant Group in a research report on Thursday, September 12th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.