Riverbridge Partners LLC Reduces Position in First Watch Restaurant Group, Inc. $FWRG

Riverbridge Partners LLC decreased its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 7.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,096,029 shares of the company’s stock after selling 92,505 shares during the quarter. Riverbridge Partners LLC owned 1.80% of First Watch Restaurant Group worth $16,528,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Stephens Investment Management Group LLC boosted its holdings in 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 period. Deepwater Asset Management LLC increased its stake in First Watch Restaurant Group by 14.8% in the third quarter. Deepwater Asset Management LLC now owns 724,714 shares of the company’s stock worth $11,335,000 after purchasing an additional 93,662 shares during the period. Ghisallo Capital Management LLC purchased a new stake in First Watch Restaurant Group in the third quarter worth $2,516,000. Armistice Capital LLC bought a new stake in shares of First Watch Restaurant Group during the second quarter worth $5,614,000. Finally, Loomis Sayles & Co. L P bought a new stake in shares of First Watch Restaurant Group during the second quarter worth $18,350,000. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

First Watch Restaurant Group Price Performance

FWRG opened at $10.91 on Friday. The company has a market capitalization of $667.04 million, a price-to-earnings ratio of 35.19, a PEG ratio of 2.27 and a beta of 0.92. The company has a current ratio of 0.29, a quick ratio of 0.25 and a debt-to-equity ratio of 0.43. First Watch Restaurant Group, Inc. has a 12-month low of $10.70 and a 12-month high of $20.55. The business’s fifty day simple moving average is $14.46 and its 200-day simple moving average is $15.91.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings data on Tuesday, February 24th. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $317.49 million. During the same period in the previous year, the company posted $0.01 earnings per share. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. On average, equities research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Piper Sandler restated an “overweight” rating and issued a $19.00 price target on shares of First Watch Restaurant Group in a report on Tuesday, February 24th. Stephens decreased their price objective on shares of First Watch Restaurant Group from $24.00 to $21.00 and set an “overweight” rating for the company in a report on Wednesday, February 25th. Citigroup lowered their price objective on shares of First Watch Restaurant Group from $26.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, February 25th. Zacks Research upgraded shares of First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 10th. Finally, Barclays reduced their target price on shares of First Watch Restaurant Group from $19.00 to $17.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 25th. 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, First Watch Restaurant Group has a consensus rating of “Moderate Buy” and a consensus price target of $19.75.

Insiders Place Their Bets

In other news, insider Matthew Eisenacher sold 2,760 shares of the stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $12.52, for a total transaction of $34,555.20. Following the transaction, the insider directly owned 67,223 shares in the company, valued at approximately $841,631.96. This trade represents a 3.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Christopher Anthony Tomasso sold 25,062 shares of First Watch Restaurant Group stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $12.52, for a total transaction of $313,776.24. Following the transaction, the chief executive officer directly owned 957,315 shares in the company, valued at approximately $11,985,583.80. The trade was a 2.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 74,178 shares of company stock worth $958,411. 6.00% of the stock is owned by corporate insiders.

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.