Arkadios Wealth Advisors Takes Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Arkadios Wealth Advisors bought a new stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 68,503 shares of the company’s stock, valued at approximately $1,141,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in First Watch Restaurant Group by 85.2% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,807 shares of the company’s stock worth $163,000 after acquiring an additional 4,512 shares in the last quarter. SRH Advisors LLC increased its holdings in First Watch Restaurant Group by 157.7% in the 1st quarter. SRH Advisors LLC now owns 31,395 shares of the company’s stock worth $523,000 after acquiring an additional 19,210 shares in the last quarter. Rice Hall James & Associates LLC increased its holdings in First Watch Restaurant Group by 89.8% in the 1st quarter. Rice Hall James & Associates LLC now owns 165,984 shares of the company’s stock worth $2,764,000 after acquiring an additional 78,518 shares in the last quarter. Stephens Investment Management Group LLC increased its holdings in First Watch Restaurant Group by 2.2% in the 1st quarter. Stephens Investment Management Group LLC now owns 708,663 shares of the company’s stock worth $11,799,000 after acquiring an additional 15,304 shares in the last quarter. Finally, New York State Common Retirement Fund increased its holdings in First Watch Restaurant Group by 17.8% in the 1st quarter. New York State Common Retirement Fund now owns 612,287 shares of the company’s stock worth $10,195,000 after acquiring an additional 92,650 shares in the last quarter. Hedge funds and other institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Trading Down 2.9%

Shares of FWRG opened at $16.78 on Friday. First Watch Restaurant Group, Inc. has a 52-week low of $12.90 and a 52-week high of $22.71. The company has a quick ratio of 0.27, a current ratio of 0.31 and a debt-to-equity ratio of 0.32. The firm’s fifty day moving average is $16.41 and its two-hundred day moving average is $17.78. The stock has a market cap of $1.02 billion, a PE ratio of 98.71, a price-to-earnings-growth ratio of 4.87 and a beta of 0.91.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.05). The firm had revenue of $282.24 million for the quarter, compared to analyst estimates of $282.98 million. First Watch Restaurant Group had a net margin of 1.03% and a return on equity of 1.84%. The company’s revenue was up 16.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.12 EPS. Research analysts forecast that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Barclays boosted their price target on shares of First Watch Restaurant Group from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, July 17th. Guggenheim cut their price target on shares of First Watch Restaurant Group from $23.00 to $22.00 and set a “buy” rating for the company in a report on Thursday, May 8th. TD Securities reissued a “buy” rating and issued a $19.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, June 4th. Bank of America lowered their target price on shares of First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, July 18th. Finally, Benchmark lowered their target price on shares of First Watch Restaurant Group from $26.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $20.82.

Insider Buying and Selling at First Watch Restaurant Group

In other news, major shareholder International L.P. Advent sold 4,500,000 shares of the business’s stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $14.70, for a total transaction of $66,150,000.00. Following the transaction, the insider owned 14,689,784 shares of the company’s stock, valued at approximately $215,939,824.80. The trade was a 23.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 6.00% of the company’s stock.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc, through its subsidiaries, operates and franchises restaurants under the First Watch trade name in the United States. The company was formerly known as AI Fresh Super Holdco, Inc and changed its name to First Watch Restaurant Group, Inc in December 2019. First Watch Restaurant Group, Inc was founded in 1983 and is based in Bradenton, Florida.