Victory Capital Management Inc. Has $1.04 Million Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Victory Capital Management Inc. boosted its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 163.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 quarter.

Several other institutional investors also recently bought and sold shares of FWRG. Sunbelt Securities Inc. acquired a new stake in shares of First Watch Restaurant Group in the first quarter worth $65,000. Quent Capital LLC boosted its holdings in First Watch Restaurant Group by 28.6% during the second quarter. Quent Capital LLC now owns 9,000 shares of the company's stock valued at $158,000 after acquiring an additional 2,000 shares during the period. Accent Capital Management LLC acquired a new stake in shares of First Watch Restaurant Group in the fourth quarter valued at about $211,000. Janus Henderson Group PLC acquired a new stake in shares of First Watch Restaurant Group in the first quarter valued at about $226,000. Finally, LVW Advisors LLC bought a new position in shares of First Watch Restaurant Group in the first quarter worth about $227,000. 96.11% of the stock is currently owned by institutional investors.

First Watch Restaurant Group Price Performance

NASDAQ:FWRG opened at $15.44 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.52 and a current ratio of 0.57. The company has a 50-day moving average of $15.94 and a 200-day moving average of $19.34. First Watch Restaurant Group, Inc. has a 52 week low of $14.05 and a 52 week high of $25.98. The company has a market capitalization of $932.16 million, a price-to-earnings ratio of 40.63, a PEG ratio of 2.35 and a beta of 0.88.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.14 EPS for the quarter, topping analysts' consensus estimates of $0.12 by $0.02. The firm had revenue of $258.60 million during the quarter, compared to analysts' expectations of $257.65 million. First Watch Restaurant Group had a net margin of 2.51% and a return on equity of 4.24%. The company's revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.13 earnings per share. As a group, equities research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.34 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FWRG. Barclays decreased their target price on First Watch Restaurant Group from $27.00 to $21.00 and set an "overweight" rating for the company in a research note on Wednesday, August 7th. Benchmark initiated 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 price objective on the stock. TD Cowen reaffirmed a "hold" rating and set a $18.00 target price on shares of First Watch Restaurant Group in a research report on Thursday, September 12th. 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 for the company in a report on Wednesday, July 17th. Finally, Stifel Nicolaus dropped their price objective on shares of First Watch Restaurant Group from $22.00 to $18.00 and set a "hold" rating on the stock in a report on Tuesday, July 2nd. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, First Watch Restaurant Group presently has an average 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.