Deepwater Asset Management LLC Increases Stock Holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Deepwater Asset Management LLC lifted its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 275.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 412,884 shares of the company’s stock after buying an additional 302,878 shares during the period. First Watch Restaurant Group comprises about 3.8% of Deepwater Asset Management LLC’s holdings, making the stock its 18th largest position. Deepwater Asset Management LLC owned approximately 0.68% of First Watch Restaurant Group worth $10,165,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Sunbelt Securities Inc. bought a new stake in shares of First Watch Restaurant Group in the first quarter valued at $65,000. iA Global Asset Management Inc. bought a new stake in shares of First Watch Restaurant Group during the 3rd quarter valued at $95,000. AXQ Capital LP bought a new stake in shares of First Watch Restaurant Group during the 3rd quarter valued at $183,000. Accent Capital Management LLC bought a new stake in shares of First Watch Restaurant Group during the 4th quarter valued at $211,000. Finally, LVW Advisors LLC bought a new position in First Watch Restaurant Group in the 1st quarter worth about $227,000. Hedge funds and other institutional investors own 96.11% of the company’s stock.

Insider Activity at First Watch Restaurant Group

In related news, Director William A. Kussell sold 8,386 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $22.10, for a total transaction of $185,330.60. Following the completion of the transaction, the director now owns 12,409 shares of the company’s stock, valued at approximately $274,238.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 5.00% of the stock is owned by corporate insiders.

First Watch Restaurant Group Stock Down 3.8 %

Shares of NASDAQ:FWRG traded down $0.65 during trading on Tuesday, hitting $16.30. The stock had a trading volume of 813,314 shares, compared to its average volume of 568,618. First Watch Restaurant Group, Inc. has a 12 month low of $16.07 and a 12 month high of $25.98. The company has a market capitalization of $984.03 million, a PE ratio of 42.34, a PEG ratio of 2.25 and a beta of 0.88. The firm’s fifty day moving average is $20.09 and its 200 day moving average is $21.57. The company has a quick ratio of 0.55, a current ratio of 0.60 and a debt-to-equity ratio of 0.21.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.02. First Watch Restaurant Group had a return on equity of 4.15% and a net margin of 2.52%. The company had revenue of $242.40 million during the quarter, compared to analyst estimates of $245.03 million. During the same quarter last year, the company earned $0.15 EPS. The firm’s revenue for the quarter was up 14.7% on a year-over-year basis. Analysts anticipate that First Watch Restaurant Group, Inc. will post 0.39 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on FWRG shares. Stifel Nicolaus decreased their target price 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. TD Cowen cut their price objective on First Watch Restaurant Group from $25.00 to $21.00 and set a “hold” rating for the company in a report on Thursday, June 13th. Citigroup upped their price objective on First Watch Restaurant Group from $24.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Finally, Barclays cut their price objective on First Watch Restaurant Group from $29.00 to $27.00 and set an “overweight” rating for the company in a report on Wednesday, May 8th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $24.17.

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.