First Watch Restaurant Group, Inc. $FWRG Shares Sold by Squarepoint Ops LLC

Squarepoint Ops LLC lessened its position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 69.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 57,158 shares of the company’s stock after selling 131,335 shares during the quarter. Squarepoint Ops LLC’s holdings in First Watch Restaurant Group were worth $737,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in First Watch Restaurant Group during the 2nd quarter valued at about $58,445,000. The Manufacturers Life Insurance Company purchased a new stake in First Watch Restaurant Group during the second quarter worth about $49,291,000. Bank of New York Mellon Corp purchased a new stake in First Watch Restaurant Group during the second quarter worth about $47,938,000. Bank of America Corp DE acquired a new stake in shares of First Watch Restaurant Group during the second quarter worth about $13,783,000. Finally, Riverbridge Partners LLC lifted its position in shares of First Watch Restaurant Group by 90.8% during the first quarter. Riverbridge Partners LLC now owns 2,091,700 shares of the company’s stock worth $21,921,000 after purchasing an additional 995,671 shares in the last quarter. Institutional investors and hedge funds own 96.11% of the company’s stock.

First Watch Restaurant Group Stock Up 0.8%

First Watch Restaurant Group stock opened at $10.18 on Friday. The stock’s fifty day moving average is $12.21 and its two-hundred day moving average is $11.96. The stock has a market cap of $628.21 million, a PE ratio of 35.10, a P/E/G ratio of 16.84 and a beta of 1.03. First Watch Restaurant Group, Inc. has a 1-year low of $9.96 and a 1-year high of $18.82. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.27 and a quick ratio of 0.22.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.04 earnings per share (EPS) 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 analyst estimates of $351.57 million. During the same period last year, the company earned $0.03 earnings per share. The business’s revenue for the quarter was up 15.2% compared to the same quarter last year. On average, sell-side analysts expect that First Watch Restaurant Group, Inc. will post 0.15 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. TD Cowen restated a “buy” rating and issued a $17.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, June 3rd. Freedom Capital upgraded shares of First Watch Restaurant Group to a “strong-buy” rating in a report on Wednesday, July 1st. Guggenheim decreased their price target on shares of First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, August 7th. Weiss Ratings downgraded shares of First Watch Restaurant Group from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday. Finally, Wall Street Zen raised First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, First Watch Restaurant Group has a consensus rating of “Moderate Buy” and a consensus target price of $18.56.

First Watch Restaurant Group Profile

First Watch Restaurant Group, Inc is a U.S.-based restaurant company that operates full-service daytime dining restaurants under the First Watch brand. Its restaurants serve breakfast, brunch and lunch, with made-to-order menu items such as omelets, eggs, pancakes, avocado toast, sandwiches, salads and fresh juices. The company emphasizes fresh ingredients, seasonal offerings and hospitality in a daytime-only operating model.

First Watch restaurants are located across the United States, primarily in suburban and high-traffic retail areas.