First Watch Restaurant Group, Inc. $FWRG Shares Acquired by Hodges Capital Management Inc.

Hodges Capital Management Inc. lifted its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 113.7% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,481,777 shares of the company’s stock after acquiring an additional 788,436 shares during the period. First Watch Restaurant Group accounts for approximately 1.3% of Hodges Capital Management Inc.’s portfolio, making the stock its 17th biggest holding. Hodges Capital Management Inc.’s holdings in First Watch Restaurant Group were worth $15,529,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Stephens Investment Management Group LLC increased its holdings in shares of First Watch Restaurant Group by 21.4% during the first quarter. Stephens Investment Management Group LLC now owns 1,659,799 shares of the company’s stock valued at $17,395,000 after purchasing an additional 292,748 shares during the period. Hunter Associates Investment Management LLC bought a new position in shares of First Watch Restaurant Group during the 1st quarter valued at about $1,598,000. First Dallas Securities Inc. grew its stake in shares of First Watch Restaurant Group by 327.6% in the 1st quarter. First Dallas Securities Inc. now owns 166,750 shares of the company’s stock worth $1,748,000 after purchasing an additional 127,750 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of First Watch Restaurant Group in the 1st quarter worth approximately $428,000. Finally, 1492 Capital Management LLC bought a new stake in shares of First Watch Restaurant Group in the 1st quarter worth approximately $1,812,000. 96.11% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Wall Street Zen raised First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a research report on Sunday, June 21st. Freedom Capital raised First Watch Restaurant Group to a “strong-buy” rating in a research note on Wednesday, July 1st. DA Davidson restated a “buy” rating and set a $17.00 price objective on shares of First Watch Restaurant Group in a report on Tuesday, April 28th. Weiss Ratings lowered shares of First Watch Restaurant Group from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, May 11th. Finally, Stephens reiterated an “overweight” rating and issued a $21.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.27.

First Watch Restaurant Group Stock Performance

First Watch Restaurant Group stock opened at $13.09 on Monday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.29 and a quick ratio of 0.25. The company has a market capitalization of $807.00 million, a price-to-earnings ratio of 46.75, a PEG ratio of 6.77 and a beta of 1.03. First Watch Restaurant Group, Inc. has a one year low of $9.97 and a one year high of $19.53. The company’s fifty day moving average price is $11.77 and its two-hundred day moving average price is $13.34.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). First Watch Restaurant Group had a return on equity of 2.85% and a net margin of 1.38%.The firm had revenue of $330.96 million during the quarter, compared to analyst estimates of $329.35 million. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. First Watch Restaurant Group’s quarterly revenue was up 17.3% compared to the same quarter last year. On average, analysts forecast that First Watch Restaurant Group, Inc. will post 0.2 earnings per share for the current fiscal year.

First Watch Restaurant Group 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.