Deepwater Asset Management LLC Raises Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Deepwater Asset Management LLC increased its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 15.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 802,625 shares of the company's stock after purchasing an additional 106,976 shares during the quarter. First Watch Restaurant Group accounts for about 4.4% of Deepwater Asset Management LLC's holdings, making the stock its 17th largest holding. Deepwater Asset Management LLC owned 1.33% of First Watch Restaurant Group worth $12,521,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Diversified Trust Co raised its holdings in shares of First Watch Restaurant Group by 9.8% during the third quarter. Diversified Trust Co now owns 15,750 shares of the company's stock valued at $246,000 after acquiring an additional 1,400 shares during the last quarter. Sei Investments Co. lifted its stake in shares of 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 buying an additional 1,783 shares in the last quarter. iA Global Asset Management Inc. boosted its position in First Watch Restaurant Group by 10.9% during the second quarter. iA Global Asset Management Inc. now owns 19,898 shares of the company's stock worth $349,000 after acquiring an additional 1,948 shares during the last quarter. Quent Capital LLC grew its stake in First Watch Restaurant Group by 28.6% during the 2nd 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 in the last quarter. Finally, Sunbelt Securities Inc. acquired a new stake in First Watch Restaurant Group in the 1st quarter valued at about $65,000. Hedge funds and other institutional investors own 96.11% of the company's stock.

First Watch Restaurant Group Trading Down 1.9 %

FWRG stock traded down $0.34 during mid-day trading on Tuesday, hitting $17.25. 407,515 shares of the company were exchanged, compared to its average volume of 577,684. First Watch Restaurant Group, Inc. has a 12-month low of $12.90 and a 12-month high of $25.98. The firm has a market capitalization of $1.04 billion, a P/E ratio of 45.39, a PEG ratio of 2.73 and a beta of 0.87. The business has a fifty day simple moving average of $15.72 and a 200-day simple moving average of $17.57. 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 (NASDAQ:FWRG - Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.14 earnings per share 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 firm's quarterly revenue was up 19.6% on a year-over-year basis. During the same quarter last year, the company posted $0.13 EPS. On average, equities research analysts predict that First Watch Restaurant Group, Inc. will post 0.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Barclays lowered their target price on First Watch Restaurant Group from $21.00 to $18.00 and set an "overweight" rating on the stock in a report on Tuesday, October 22nd. Stephens began coverage on First Watch Restaurant Group in a report on Thursday, October 17th. They issued an "overweight" rating and a $20.00 target price for the company. Stifel Nicolaus reduced their price target on 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. Bank of America lowered 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. Finally, Benchmark restated a "buy" rating and set a $23.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $22.00.

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.