Rice Hall James & Associates LLC Boosts Stock Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Rice Hall James & Associates LLC boosted its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 164.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 87,799 shares of the company’s stock after acquiring an additional 54,546 shares during the quarter. Rice Hall James & Associates LLC’s holdings in First Watch Restaurant Group were worth $1,370,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. 1832 Asset Management L.P. purchased a new position in First Watch Restaurant Group during the 1st quarter valued at $3,333,000. Nicholas Investment Partners LP purchased a new position in First Watch Restaurant Group during the 2nd quarter valued at $3,391,000. Deepwater Asset Management LLC boosted its holdings in First Watch Restaurant Group by 68.5% during the 2nd quarter. Deepwater Asset Management LLC now owns 695,649 shares of the company’s stock valued at $12,216,000 after acquiring an additional 282,765 shares during the period. Primoris Wealth Advisors LLC purchased a new stake in shares of First Watch Restaurant Group in the 1st quarter worth $1,788,000. Finally, California State Teachers Retirement System lifted its holdings in shares of First Watch Restaurant Group by 15.6% in the 1st quarter. California State Teachers Retirement System now owns 31,822 shares of the company’s stock worth $783,000 after buying an additional 4,294 shares during the period. Hedge funds and other institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Trading Up 1.0 %

Shares of NASDAQ:FWRG opened at $17.17 on Friday. The business’s 50-day moving average is $15.71 and its 200 day moving average is $17.52. First Watch Restaurant Group, Inc. has a 1 year low of $12.90 and a 1 year high of $25.98. The firm has a market capitalization of $1.04 billion, a P/E ratio of 44.03, a P/E/G ratio of 4.61 and a beta of 0.87. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.57 and a quick ratio of 0.52.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its earnings results on Tuesday, August 6th. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.02. First Watch Restaurant Group had a return on equity of 4.24% and a net margin of 2.51%. The company had revenue of $258.60 million for the quarter, compared to analyst estimates of $257.65 million. During the same period in the prior year, the company posted $0.13 EPS. The firm’s quarterly revenue was up 19.6% compared to the same quarter last year. On average, research analysts predict that First Watch Restaurant Group, Inc. will post 0.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Barclays lowered their target price on First Watch Restaurant Group from $21.00 to $18.00 and set an “overweight” rating for the company in a report on Tuesday, October 22nd. TD Cowen reiterated a “hold” rating and issued a $18.00 target price on shares of First Watch Restaurant Group in a report on Thursday, September 12th. Benchmark reiterated a “buy” rating and issued a $23.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, October 16th. Bank of America lowered their target price on First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Finally, Guggenheim lowered their target price on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating for the company in a report on Friday, October 4th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $22.00.

First Watch Restaurant Group Profile

First Watch Restaurant Group, Inc, through its subsidiaries, operates and franchises restaurants under the First Watch trade name in the United States. The company was formerly known as AI Fresh Super Holdco, Inc and changed its name to First Watch Restaurant Group, Inc in December 2019. First Watch Restaurant Group, Inc was founded in 1983 and is based in Bradenton, Florida.