JPMorgan Chase & Co. Trims Holdings in First Watch Restaurant Group, Inc. $FWRG

JPMorgan Chase & Co. lowered its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 10.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,977,268 shares of the company’s stock after selling 236,486 shares during the period. JPMorgan Chase & Co. owned 3.24% of First Watch Restaurant Group worth $30,924,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Stephens Investment Management Group LLC boosted its position in shares of First Watch Restaurant Group by 21.2% during the 3rd quarter. Stephens Investment Management Group LLC now owns 932,064 shares of the company’s stock valued at $14,577,000 after acquiring an additional 163,102 shares during the last quarter. Catalyst Funds Management Pty Ltd acquired a new stake in First Watch Restaurant Group during the second quarter worth about $306,000. Armistice Capital LLC purchased a new position in First Watch Restaurant Group during the second quarter worth about $5,614,000. Loomis Sayles & Co. L P purchased a new position in First Watch Restaurant Group during the second quarter worth about $18,350,000. Finally, Geode Capital Management LLC boosted its holdings in First Watch Restaurant Group by 4.2% in the 2nd quarter. Geode Capital Management LLC now owns 1,022,752 shares of the company’s stock valued at $16,407,000 after purchasing an additional 40,823 shares during the last quarter. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

First Watch Restaurant Group Price Performance

FWRG stock opened at $12.46 on Friday. The business’s fifty day moving average price is $15.82 and its 200 day moving average price is $16.72. First Watch Restaurant Group, Inc. has a 12-month low of $12.16 and a 12-month high of $21.99. The company has a current ratio of 0.29, a quick ratio of 0.21 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $761.80 million, a PE ratio of 40.19, a P/E/G ratio of 1.78 and a beta of 0.88.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its earnings results on Tuesday, February 24th. The company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.16. The company had revenue of $316.35 million during the quarter, compared to analysts’ expectations of $317.49 million. First Watch Restaurant Group had a return on equity of 3.20% and a net margin of 1.59%.First Watch Restaurant Group’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period last year, the business posted $0.01 EPS. On average, sell-side analysts anticipate that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current year.

Insider Activity at First Watch Restaurant Group

In related news, Director William A. Kussell sold 6,165 shares of First Watch Restaurant Group stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $17.00, for a total value of $104,805.00. Following the completion of the transaction, the director owned 26,402 shares in the company, valued at approximately $448,834. The trade was a 18.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 6.00% of the company’s stock.

Wall Street Analyst Weigh In

FWRG has been the subject of a number of recent analyst reports. Guggenheim cut their price target on shares of First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday. Piper Sandler reiterated an “overweight” rating and issued a $19.00 price objective on shares of First Watch Restaurant Group in a research report on Tuesday. TD Cowen reduced their target price on First Watch Restaurant Group from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. Stephens decreased their price target on First Watch Restaurant Group from $24.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, Barclays lowered their price target on First Watch Restaurant Group from $19.00 to $17.00 and set an “overweight” rating for the company in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, First Watch Restaurant Group has a consensus rating of “Moderate Buy” and an average target price of $20.08.

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.