Deepwater Asset Management LLC Sells 148,548 Shares of First Watch Restaurant Group, Inc. $FWRG

Deepwater Asset Management LLC cut its position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 20.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 576,166 shares of the company’s stock after selling 148,548 shares during the quarter. First Watch Restaurant Group makes up about 2.5% of Deepwater Asset Management LLC’s investment portfolio, making the stock its 18th largest position. Deepwater Asset Management LLC’s holdings in First Watch Restaurant Group were worth $8,689,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of FWRG. Woodline Partners LP bought a new position in shares of First Watch Restaurant Group during the 3rd quarter valued at about $20,318,000. The Manufacturers Life Insurance Company increased its position in shares of First Watch Restaurant Group by 51.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,335,883 shares of the company’s stock valued at $37,468,000 after purchasing an additional 796,191 shares during the last quarter. Balyasny Asset Management L.P. increased its position in shares of First Watch Restaurant Group by 2,796.3% during the 3rd quarter. Balyasny Asset Management L.P. now owns 813,051 shares of the company’s stock valued at $12,716,000 after purchasing an additional 784,979 shares during the last quarter. Millennium Management LLC increased its position in shares of First Watch Restaurant Group by 2,382.9% during the 3rd quarter. Millennium Management LLC now owns 696,053 shares of the company’s stock valued at $10,886,000 after purchasing an additional 668,019 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of First Watch Restaurant Group by 18.2% during the 3rd quarter. Vanguard Group Inc. now owns 2,888,295 shares of the company’s stock valued at $45,173,000 after purchasing an additional 443,830 shares during the last quarter. 96.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on FWRG shares. Stephens reiterated an “overweight” rating and set a $21.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, May 6th. Guggenheim reduced their price objective on First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, February 25th. Barclays reduced their price objective on First Watch Restaurant Group from $19.00 to $17.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 25th. TD Cowen reiterated a “buy” rating and set a $17.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, June 3rd. Finally, Piper Sandler reiterated an “overweight” rating and set a $19.00 price objective on shares of First Watch Restaurant Group in a research report on Tuesday, February 24th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.27.

Insider Transactions at First Watch Restaurant Group

In other news, insider Matthew Eisenacher sold 2,760 shares of First Watch Restaurant Group stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $12.52, for a total value of $34,555.20. Following the sale, the insider directly owned 67,223 shares in the company, valued at approximately $841,631.96. This trade represents a 3.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher Anthony Tomasso sold 25,062 shares of First Watch Restaurant Group stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $12.52, for a total value of $313,776.24. Following the completion of the sale, the chief executive officer owned 957,315 shares in the company, valued at approximately $11,985,583.80. This represents a 2.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 68,013 shares of company stock worth $853,606. Corporate insiders own 6.10% of the company’s stock.

First Watch Restaurant Group Price Performance

FWRG opened at $10.18 on Monday. The stock’s 50 day simple moving average is $11.56 and its 200 day simple moving average is $14.08. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.29 and a quick ratio of 0.25. First Watch Restaurant Group, Inc. has a 1 year low of $9.97 and a 1 year high of $19.53. The firm has a market cap of $627.60 million, a price-to-earnings ratio of 36.36, a PEG ratio of 5.27 and a beta of 1.06.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). The business had revenue of $330.96 million during the quarter, compared to the consensus estimate of $329.35 million. First Watch Restaurant Group had a return on equity of 2.85% and a net margin of 1.38%.First Watch Restaurant Group’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.01) earnings per share. As a group, analysts predict that First Watch Restaurant Group, Inc. will post 0.2 earnings per share for the current year.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc (NASDAQ: FWRG) operates a specialty daytime dining concept focused on breakfast, brunch and lunch. The company’s casual, full-service cafés emphasize fresh ingredients, made-to-order entrées and a seasonally driven menu that ranges from omelets and Benedicts to salads, skillets and afternoon sandwiches. First Watch positions itself as a daytime-only destination, with most locations opening early morning and closing by mid-afternoon.

Founded in 1983 by Ken Pendery and John Sullivan in Pacific Grove, California, First Watch began as a single café and gradually expanded through company-owned and select franchised locations.