First Watch Restaurant Group, Inc. $FWRG Shares Sold by Riverbridge Partners LLC

Riverbridge Partners LLC cut its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 7.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,253,496 shares of the company’s stock after selling 95,136 shares during the period. Riverbridge Partners LLC owned 2.03% of First Watch Restaurant Group worth $12,748,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Arizona State Retirement System lifted its stake in shares of First Watch Restaurant Group by 9.0% in the 2nd quarter. Arizona State Retirement System now owns 16,448 shares of the company’s stock valued at $212,000 after purchasing an additional 1,361 shares during the period. Allworth Financial LP increased its position in First Watch Restaurant Group by 325.4% in the 2nd quarter. Allworth Financial LP now owns 2,225 shares of the company’s stock valued at $29,000 after buying an additional 1,702 shares in the last quarter. Sanctuary Advisors LLC increased its position in First Watch Restaurant Group by 25.3% in the 1st quarter. Sanctuary Advisors LLC now owns 13,462 shares of the company’s stock valued at $141,000 after buying an additional 2,714 shares in the last quarter. Freestone Grove Partners LP bought a new stake in First Watch Restaurant Group in the 2nd quarter valued at about $38,000. Finally, State of Alaska Department of Revenue bought a new stake in First Watch Restaurant Group in the 3rd quarter valued at about $32,000. Institutional investors and hedge funds own 96.11% of the company’s stock.

First Watch Restaurant Group Trading Down 3.0%

Shares of First Watch Restaurant Group stock opened at $13.44 on Wednesday. The stock has a fifty day simple moving average of $11.45 and a 200 day simple moving average of $12.35. First Watch Restaurant Group, Inc. has a 12-month low of $9.88 and a 12-month high of $18.77. The company has a market capitalization of $829.65 million, a P/E ratio of 42.00, a price-to-earnings-growth ratio of 9.95 and a beta of 1.00. The company has a current ratio of 0.25, a quick ratio of 0.21 and a debt-to-equity ratio of 0.43.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings data on Tuesday, November 3rd. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.05. First Watch Restaurant Group had a return on equity of 3.10% and a net margin of 1.45%. The business had revenue of $349.86 million for the quarter, compared to analysts’ expectations of $348.99 million. During the same period last year, the business earned $0.05 EPS. The business’s revenue was up 10.7% on a year-over-year basis. On average, sell-side analysts anticipate that First Watch Restaurant Group, Inc. will post 0.17 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Citigroup cut their price target on First Watch Restaurant Group from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Wednesday, October 21st. Raymond James Financial decreased their price objective on First Watch Restaurant Group from $20.00 to $18.00 and set a “strong-buy” rating for the company in a report on Friday, October 16th. Weiss Ratings raised First Watch Restaurant Group from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, October 29th. Guggenheim increased their target price on First Watch Restaurant Group from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Friday, November 6th. Finally, DA Davidson reduced their price target on shares of First Watch Restaurant Group from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, October 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $18.00.

First Watch Restaurant Group Profile

First Watch Restaurant Group operates restaurants specializing in breakfast, brunch and lunch. Its First Watch restaurants serve made-to-order meals, including eggs, pancakes, sandwiches, salads and other daytime fare, with an emphasis on fresh ingredients. The company was founded in 1983 and is headquartered in Bradenton, Florida. It has expanded its restaurant operations across the United States and became a publicly traded company in 2021. First Watch is led by President and Chief Executive Officer Chris Tomasso.