First Watch Restaurant Group, Inc. $FWRG Shares Acquired by Manatuck Hill Partners LLC

Manatuck Hill Partners LLC lifted its position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 55.9% during the fourth quarter, Holdings Channel reports. The firm owned 459,900 shares of the company’s stock after acquiring an additional 164,900 shares during the quarter. First Watch Restaurant Group makes up about 2.4% of Manatuck Hill Partners LLC’s portfolio, making the stock its 12th largest holding. Manatuck Hill Partners LLC’s holdings in First Watch Restaurant Group were worth $6,935,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in FWRG. Royal Bank of Canada increased its position in shares of First Watch Restaurant Group by 67.3% during the first quarter. Royal Bank of Canada now owns 54,267 shares of the company’s stock worth $903,000 after purchasing an additional 21,830 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of First Watch Restaurant Group by 31.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,766 shares of the company’s stock worth $379,000 after purchasing an additional 5,497 shares in the last quarter. Legal & General Group Plc increased its position in shares of First Watch Restaurant Group by 1.6% during the second quarter. Legal & General Group Plc now owns 45,531 shares of the company’s stock worth $730,000 after purchasing an additional 724 shares in the last quarter. Rhumbline Advisers increased its position in shares of First Watch Restaurant Group by 45.8% during the second quarter. Rhumbline Advisers now owns 73,882 shares of the company’s stock worth $1,185,000 after purchasing an additional 23,205 shares in the last quarter. Finally, American Century Companies Inc. increased its position in shares of First Watch Restaurant Group by 43.4% during the second quarter. American Century Companies Inc. now owns 72,166 shares of the company’s stock worth $1,158,000 after purchasing an additional 21,846 shares in the last quarter. Institutional investors and hedge funds own 96.11% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on FWRG. DA Davidson restated a “buy” rating and issued a $17.00 price target on shares of First Watch Restaurant Group in a research report on Tuesday, April 28th. Weiss Ratings cut First Watch Restaurant Group from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, May 11th. Stephens restated an “overweight” rating and issued a $21.00 price target on shares of First Watch Restaurant Group in a research report on Wednesday, May 6th. Wall Street Zen upgraded First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 30th. Finally, Benchmark dropped their price target on First Watch Restaurant Group from $24.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.27.

First Watch Restaurant Group Stock Performance

Shares of FWRG stock opened at $11.48 on Thursday. The stock has a market capitalization of $707.74 million, a PE ratio of 41.00, a price-to-earnings-growth ratio of 6.00 and a beta of 1.06. First Watch Restaurant Group, Inc. has a 52-week low of $9.97 and a 52-week high of $19.53. The stock’s 50-day moving average price is $11.66 and its 200 day moving average price is $13.76. The company has a quick ratio of 0.25, a current ratio of 0.29 and a debt-to-equity ratio of 0.43.

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

About First Watch Restaurant Group

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.