Penn Capital Management Company LLC Acquires 119,462 Shares of First Watch Restaurant Group, Inc. $FWRG

Penn Capital Management Company LLC boosted its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 11.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,125,353 shares of the company’s stock after buying an additional 119,462 shares during the period. First Watch Restaurant Group makes up about 1.4% of Penn Capital Management Company LLC’s investment portfolio, making the stock its 18th largest position. Penn Capital Management Company LLC owned about 1.84% of First Watch Restaurant Group worth $17,642,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of First Watch Restaurant Group by 18.2% during the third quarter. Vanguard Group Inc. now owns 2,888,295 shares of the company’s stock worth $45,173,000 after acquiring an additional 443,830 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in First Watch Restaurant Group by 2.9% in the third quarter. Dimensional Fund Advisors LP now owns 2,442,780 shares of the company’s stock valued at $38,206,000 after acquiring an additional 69,415 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in First Watch Restaurant Group by 51.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,335,883 shares of the company’s stock worth $37,468,000 after acquiring an additional 796,191 shares during the period. Lazard Asset Management LLC raised its position in shares of First Watch Restaurant Group by 13.4% during the 2nd quarter. Lazard Asset Management LLC now owns 2,281,137 shares of the company’s stock valued at $36,589,000 after acquiring an additional 269,726 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of First Watch Restaurant Group by 1.8% during the second quarter. JPMorgan Chase & Co. now owns 2,213,754 shares of the company’s stock worth $35,509,000 after purchasing an additional 39,648 shares during the period. 96.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on FWRG shares. Citigroup dropped their price objective on shares of First Watch Restaurant Group from $26.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, February 25th. Stephens decreased their price target on shares of First Watch Restaurant Group from $24.00 to $21.00 and set an “overweight” rating for the company in a research note on Wednesday, February 25th. Zacks Research raised shares of First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 10th. TD Cowen lowered their target price on shares of First Watch Restaurant Group from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $19.00 price target on shares of First Watch Restaurant Group in a research note on Tuesday, February 24th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.75.

Insider Transactions at First Watch Restaurant Group

In related news, insider Laura Anne Sorensen sold 4,732 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $12.59, for a total value of $59,575.88. Following the completion of the transaction, the insider owned 239,050 shares in the company, valued at $3,009,639.50. This trade represents a 1.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO H Melville Hope III sold 7,358 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $12.59, for a total transaction of $92,637.22. Following the transaction, the chief financial officer owned 115,665 shares of the company’s stock, valued at approximately $1,456,222.35. The trade was a 5.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 35,923 shares of company stock valued at $479,458. Corporate insiders own 6.00% of the company’s stock.

First Watch Restaurant Group Trading Up 5.7%

Shares of First Watch Restaurant Group stock opened at $12.61 on Wednesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.25 and a current ratio of 0.29. The firm has a 50-day moving average of $15.05 and a 200-day moving average of $16.21. First Watch Restaurant Group, Inc. has a 52-week low of $11.44 and a 52-week high of $20.55. The stock has a market cap of $770.98 million, a PE ratio of 40.68, a PEG ratio of 2.40 and a beta of 0.92.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings data on Tuesday, February 24th. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.16. First Watch Restaurant Group had a return on equity of 3.20% and a net margin of 1.59%.The firm had revenue of $316.35 million for the quarter, compared to analyst estimates of $317.49 million. During the same quarter last year, the company earned $0.01 EPS. The company’s revenue was up 20.2% on a year-over-year basis. As a group, sell-side analysts forecast that First Watch Restaurant Group, Inc. will post 0.32 EPS 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.