Empowered Funds LLC Invests $1.75 Million in First Watch Restaurant Group, Inc. $FWRG

Empowered Funds LLC bought a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 166,559 shares of the company’s stock, valued at approximately $1,746,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Royal Bank of Canada lifted its holdings 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 worth $903,000 after acquiring an additional 21,830 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in First Watch Restaurant Group by 31.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,766 shares of the company’s stock valued at $379,000 after purchasing an additional 5,497 shares during the period. Legal & General Group Plc increased its position in shares of First Watch Restaurant Group by 1.6% during the 2nd quarter. Legal & General Group Plc now owns 45,531 shares of the company’s stock valued at $730,000 after purchasing an additional 724 shares during the last quarter. Rhumbline Advisers increased its position in shares of First Watch Restaurant Group by 45.8% during the 2nd quarter. Rhumbline Advisers now owns 73,882 shares of the company’s stock valued at $1,185,000 after purchasing an additional 23,205 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of First Watch Restaurant Group by 43.4% during 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 period. 96.11% of the stock is owned by hedge funds and other institutional investors.

First Watch Restaurant Group Stock Performance

Shares of FWRG stock opened at $12.45 on Friday. The firm’s 50 day moving average is $12.10 and its 200 day moving average is $12.77. The stock has a market capitalization of $768.29 million, a P/E ratio of 42.93, a PEG ratio of 8.02 and a beta of 1.03. First Watch Restaurant Group, Inc. has a 12 month low of $9.97 and a 12 month high of $19.53. The company has a current ratio of 0.27, a quick ratio of 0.25 and a debt-to-equity ratio of 0.44.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings data 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). First Watch Restaurant Group had a net margin of 1.35% and a return on equity of 2.85%. The business had revenue of $354.67 million during the quarter, compared to analysts’ expectations of $351.57 million. During the same quarter in the prior year, the firm posted $0.03 earnings per share. The firm’s quarterly revenue was up 15.2% on a year-over-year basis. On average, sell-side analysts anticipate that First Watch Restaurant Group, Inc. will post 0.19 earnings per share for the current year.

Wall Street Analyst Weigh In

FWRG has been the topic of a number of research analyst reports. TD Cowen reissued a “buy” rating and issued a $17.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, June 3rd. Weiss Ratings upgraded shares of First Watch Restaurant Group from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday. Wall Street Zen lowered shares of First Watch Restaurant Group from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 18th. Stephens reiterated an “overweight” rating and issued a $21.00 target price on shares of First Watch Restaurant Group in a research note on Wednesday, May 6th. Finally, DA Davidson reissued a “buy” rating and set a $17.00 target price on shares of First Watch Restaurant Group in a research report on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $18.67.

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.