Ieq Capital LLC Purchases New Shares in First Watch Restaurant Group, Inc. $FWRG

Ieq Capital LLC acquired a new stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 43,289 shares of the company’s stock, valued at approximately $558,000. Ieq Capital LLC owned approximately 0.07% of First Watch Restaurant Group at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of First Watch Restaurant Group in the second quarter valued at about $58,445,000. Bank of New York Mellon Corp boosted its holdings in First Watch Restaurant Group by 96.7% during the first quarter. Bank of New York Mellon Corp now owns 3,957,697 shares of the company’s stock worth $41,477,000 after purchasing an additional 1,946,084 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in First Watch Restaurant Group by 81.4% during the first quarter. The Manufacturers Life Insurance Company now owns 3,357,950 shares of the company’s stock worth $35,191,000 after purchasing an additional 1,507,074 shares during the last quarter. Vanguard Group Inc. grew its position in First Watch Restaurant Group by 15.0% in the 4th quarter. Vanguard Group Inc. now owns 3,320,929 shares of the company’s stock worth $50,080,000 after purchasing an additional 432,634 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in First Watch Restaurant Group by 19.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,084,886 shares of the company’s stock worth $32,328,000 after purchasing an additional 508,704 shares in the last quarter. 96.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FWRG has been the topic of several recent analyst reports. Guggenheim 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 report on Friday, August 7th. Stephens reaffirmed an “overweight” rating and issued a $21.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, May 6th. Wall Street Zen raised First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Weiss Ratings upgraded First Watch Restaurant Group from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, August 4th. Finally, Stifel Nicolaus set a $14.00 price objective on First Watch Restaurant Group in a research report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $18.56.

First Watch Restaurant Group Trading Up 1.1%

Shares of First Watch Restaurant Group stock opened at $12.51 on Friday. The stock has a market capitalization of $771.99 million, a P/E ratio of 43.14, a P/E/G ratio of 20.63 and a beta of 1.03. First Watch Restaurant Group, Inc. has a 52-week low of $9.97 and a 52-week high of $19.15. 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 stock’s 50-day simple moving average is $12.54 and its 200 day simple moving average is $12.35.

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