First Watch Restaurant Group, Inc. $FWRG Shares Sold by Sterling Capital Management LLC

Sterling Capital Management LLC decreased its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 45.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 57,719 shares of the company’s stock after selling 47,685 shares during the quarter. Sterling Capital Management LLC’s holdings in First Watch Restaurant Group were worth $605,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of FWRG. Rockefeller Capital Management L.P. purchased a new stake in shares of First Watch Restaurant Group during the 4th quarter worth $63,000. State of Wyoming purchased a new position in shares of First Watch Restaurant Group in the 4th quarter valued at about $64,000. Kemnay Advisory Services Inc. purchased a new position in shares of First Watch Restaurant Group in the 4th quarter valued at about $66,000. BNP Paribas Financial Markets lifted its stake in shares of First Watch Restaurant Group by 61.9% in the second quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company’s stock valued at $70,000 after purchasing an additional 1,673 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of First Watch Restaurant Group by 17,042.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 5,657 shares of the company’s stock valued at $85,000 after purchasing an additional 5,624 shares during the period. Institutional investors and hedge funds own 96.11% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on FWRG shares. Stephens restated an “overweight” rating and set a $21.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, May 6th. Wall Street Zen upgraded shares of First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a research report on Sunday, June 21st. TD Cowen reissued a “buy” rating and set a $17.00 price target on shares of First Watch Restaurant Group in a research note on Wednesday, June 3rd. Benchmark lowered their price target on First Watch Restaurant Group from $24.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, April 20th. Finally, Weiss Ratings downgraded First Watch Restaurant Group from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.27.

First Watch Restaurant Group Stock Performance

First Watch Restaurant Group stock opened at $13.34 on Thursday. The company has a market cap of $822.41 million, a price-to-earnings ratio of 47.64, a price-to-earnings-growth ratio of 6.67 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 debt-to-equity ratio of 0.43, a current ratio of 0.29 and a quick ratio of 0.25. The stock’s 50-day moving average is $11.77 and its 200-day moving average is $13.39.

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