First Watch Restaurant Group, Inc. $FWRG Shares Sold by Riverbridge Partners LLC

Riverbridge Partners LLC decreased its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 7.1% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,253,496 shares of the company’s stock after selling 95,136 shares during the period. Riverbridge Partners LLC’s holdings in First Watch Restaurant Group were worth $12,748,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Penn Capital Management Company LLC increased its stake in shares of First Watch Restaurant Group by 1.0% during the 3rd quarter. Penn Capital Management Company LLC now owns 1,486,865 shares of the company’s stock worth $15,148,000 after purchasing an additional 14,114 shares during the last quarter. Schwartz Investment Counsel Inc. grew its holdings in First Watch Restaurant Group by 47.7% during the third quarter. Schwartz Investment Counsel Inc. now owns 18,875 shares of the company’s stock valued at $192,000 after purchasing an additional 6,100 shares during the period. Access Investment Management LLC grew its holdings in First Watch Restaurant Group by 2.3% during the third quarter. Access Investment Management LLC now owns 217,609 shares of the company’s stock valued at $2,213,000 after purchasing an additional 4,890 shares during the period. Wavvest Wealth LLC purchased a new stake in First Watch Restaurant Group in the third quarter worth $412,000. Finally, State of Alaska Department of Revenue purchased a new stake in First Watch Restaurant Group in the third quarter worth $32,000. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on FWRG. Wall Street Zen upgraded First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. DA Davidson cut their price target on First Watch Restaurant Group from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, October 2nd. Weiss Ratings upgraded First Watch Restaurant Group from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, October 29th. Raymond James Financial decreased their price objective on First Watch Restaurant Group from $20.00 to $18.00 and set a “strong-buy” rating for the company in a report on Friday, October 16th. Finally, Stephens restated an “overweight” rating and issued a $18.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, November 4th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $18.00.

First Watch Restaurant Group Trading Down 3.0%

Shares of FWRG stock opened at $13.44 on Wednesday. The company’s fifty day simple moving average is $11.45 and its two-hundred day simple moving average is $12.35. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.25 and a quick ratio of 0.21. First Watch Restaurant Group, Inc. has a 1 year low of $9.88 and a 1 year high of $18.77. The stock has a market capitalization of $829.65 million, a price-to-earnings ratio of 42.00, a PEG ratio of 9.95 and a beta of 1.00.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.05. First Watch Restaurant Group had a return on equity of 3.10% and a net margin of 1.45%. The firm had revenue of $349.86 million during the quarter, compared to analyst estimates of $348.99 million. During the same period last year, the company earned $0.05 earnings per share. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. As a group, analysts anticipate that First Watch Restaurant Group, Inc. will post 0.17 earnings per share for the current year.

First Watch Restaurant Group Profile

First Watch Restaurant Group operates restaurants specializing in breakfast, brunch and lunch. Its First Watch restaurants serve made-to-order meals, including eggs, pancakes, sandwiches, salads and other daytime fare, with an emphasis on fresh ingredients. The company was founded in 1983 and is headquartered in Bradenton, Florida. It has expanded its restaurant operations across the United States and became a publicly traded company in 2021. First Watch is led by President and Chief Executive Officer Chris Tomasso.