Rhumbline Advisers Has $669,000 Stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Rhumbline Advisers lifted its position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 25.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,106 shares of the company’s stock after purchasing an additional 7,631 shares during the quarter. Rhumbline Advisers owned 0.06% of First Watch Restaurant Group worth $669,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Sunbelt Securities Inc. acquired a new stake in First Watch Restaurant Group in the 1st quarter valued at approximately $65,000. Quent Capital LLC grew its stake 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 acquiring an additional 2,000 shares in the last quarter. Accent Capital Management LLC acquired a new stake in shares of First Watch Restaurant Group in the fourth quarter valued at approximately $211,000. Janus Henderson Group PLC bought a new stake in shares of First Watch Restaurant Group in the first quarter worth $226,000. Finally, LVW Advisors LLC acquired a new position in First Watch Restaurant Group during the first quarter worth $227,000. Institutional investors own 96.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FWRG. TD Cowen reissued 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. Barclays reduced their price target on First Watch Restaurant Group from $27.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Stifel Nicolaus dropped their price objective 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. Benchmark assumed 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. Finally, Bank of America lowered their target price on shares of First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, First Watch Restaurant Group presently has a consensus rating of “Moderate Buy” and an average target price of $23.00.

First Watch Restaurant Group Stock Performance

FWRG opened at $15.55 on Wednesday. The company has a quick ratio of 0.52, a current ratio of 0.57 and a debt-to-equity ratio of 0.33. First Watch Restaurant Group, Inc. has a 12-month low of $14.05 and a 12-month high of $25.98. The business has a 50 day moving average of $15.90 and a 200-day moving average of $19.06. The stock has a market cap of $938.80 million, a price-to-earnings ratio of 40.92, a PEG ratio of 2.35 and a beta of 0.88.

First Watch Restaurant Group (NASDAQ:FWRG) last announced 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. First Watch Restaurant Group had a return on equity of 4.24% and a net margin of 2.51%. The business had revenue of $258.60 million during the quarter, compared to the consensus estimate of $257.65 million. During the same quarter last year, the firm posted $0.13 EPS. The company’s quarterly revenue was up 19.6% on a year-over-year basis. On average, equities research analysts expect that First Watch Restaurant Group, Inc. will post 0.34 earnings per share for the current 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.