Quantinno Capital Management LP Grows Stock Holdings in First Watch Restaurant Group, Inc. $FWRG

Quantinno Capital Management LP lifted its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 1,448.5% during the first quarter, HoldingsChannel.com reports. The firm owned 183,171 shares of the company’s stock after purchasing an additional 171,342 shares during the quarter. Quantinno Capital Management LP’s holdings in First Watch Restaurant Group were worth $1,920,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in FWRG. Royal Bank of Canada raised its stake in 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 valued at $903,000 after buying an additional 21,830 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of First Watch Restaurant Group by 31.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,766 shares of the company’s stock worth $379,000 after acquiring an additional 5,497 shares during the last quarter. Legal & General Group Plc increased its holdings 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 valued at $730,000 after acquiring an additional 724 shares in the last quarter. Rhumbline Advisers raised its position in shares of First Watch Restaurant Group by 45.8% in the 2nd quarter. Rhumbline Advisers now owns 73,882 shares of the company’s stock worth $1,185,000 after purchasing an additional 23,205 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of First Watch Restaurant Group by 43.4% in the 2nd 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 during the last quarter. Hedge funds and other institutional investors own 96.11% of the company’s stock.

Wall Street Analyst Weigh In

FWRG has been the topic of several recent analyst reports. Benchmark cut their price objective on shares of 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. TD Cowen reaffirmed a “buy” rating and issued a $17.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, June 3rd. Citigroup dropped their target price on shares of First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Stifel Nicolaus set a $14.00 price target on shares of First Watch Restaurant Group in a research report on Tuesday, May 5th. Finally, DA Davidson restated a “buy” rating and issued a $17.00 price objective on shares of First Watch Restaurant Group in a report on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.56.

First Watch Restaurant Group Stock Down 2.1%

FWRG stock opened at $11.78 on Wednesday. First Watch Restaurant Group, Inc. has a fifty-two week low of $9.97 and a fifty-two week high of $19.53. The business’s 50-day moving average is $12.16 and its two-hundred day moving average is $12.68. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.22 and a current ratio of 0.27. The company has a market cap of $726.94 million, a price-to-earnings ratio of 40.62, a P/E/G ratio of 20.05 and a beta of 1.03.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). First Watch Restaurant Group had a net margin of 1.35% and a return on equity of 2.85%. The firm had revenue of $354.67 million for the quarter, compared to the consensus estimate of $351.57 million. During the same quarter in the prior year, the firm earned $0.03 earnings per share. The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. As a group, analysts forecast that First Watch Restaurant Group, Inc. will post 0.15 earnings per share 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.