Kornitzer Capital Management Inc. KS Has $5.06 Million Stake in First Watch Restaurant Group, Inc. $FWRG

Kornitzer Capital Management Inc. KS grew its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 5.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 315,387 shares of the company’s stock after purchasing an additional 17,220 shares during the period. Kornitzer Capital Management Inc. KS owned about 0.52% of First Watch Restaurant Group worth $5,059,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. Stephens Investment Management Group LLC increased its holdings in shares of First Watch Restaurant Group by 8.5% in the 2nd quarter. Stephens Investment Management Group LLC now owns 768,962 shares of the company’s stock valued at $12,334,000 after purchasing an additional 60,299 shares during the period. Mutual of America Capital Management LLC grew its stake in shares of First Watch Restaurant Group by 2.9% in the 2nd quarter. Mutual of America Capital Management LLC now owns 401,737 shares of the company’s stock valued at $6,444,000 after buying an additional 11,404 shares in the last quarter. McElhenny Sheffield Capital Management LLC bought a new stake in shares of First Watch Restaurant Group in the 2nd quarter valued at approximately $770,000. Capital Management Associates Inc bought a new stake in shares of First Watch Restaurant Group in the 2nd quarter valued at approximately $209,000. Finally, LVW Advisors LLC bought a new stake in shares of First Watch Restaurant Group in the 2nd quarter valued at approximately $173,000. Institutional investors and hedge funds own 96.11% of the company’s stock.

First Watch Restaurant Group Stock Up 1.6%

FWRG opened at $18.29 on Friday. First Watch Restaurant Group, Inc. has a 1-year low of $12.90 and a 1-year high of $22.71. The company has a current ratio of 0.27, a quick ratio of 0.23 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of 304.88, a P/E/G ratio of 5.99 and a beta of 0.87. The business has a 50 day moving average of $17.24 and a 200-day moving average of $17.11.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.04). First Watch Restaurant Group had a net margin of 0.37% and a return on equity of 0.69%. The business had revenue of $307.89 million during the quarter, compared to the consensus estimate of $304.94 million. During the same period in the prior year, the company posted $0.14 earnings per share. The firm’s revenue was up 19.1% compared to the same quarter last year. First Watch Restaurant Group has set its FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FWRG has been the subject of a number of recent analyst reports. Bank of America decreased their target price on First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, July 18th. Zacks Research cut First Watch Restaurant Group from a “hold” rating to a “strong sell” rating in a research report on Monday, October 6th. Barclays upped their target price on First Watch Restaurant Group from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, July 17th. Raymond James Financial upped their target price on First Watch Restaurant Group from $21.00 to $22.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 17th. Finally, Benchmark upped their target price on First Watch Restaurant Group from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Wednesday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $21.09.

Insider Buying and Selling at First Watch Restaurant Group

In other news, major shareholder International L.P. Advent sold 4,400,000 shares of the stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $17.67, for a total value of $77,748,000.00. Following the completion of the sale, the insider directly owned 5,289,784 shares of the company’s stock, valued at approximately $93,470,483.28. This represents a 45.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 6.00% of the company’s stock.

First Watch Restaurant Group 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.