Brown Advisory Inc. Grows Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Posted by Defense World Staff on Jun 11th, 2023

Brown Advisory Inc. lifted its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG – Get Rating) by 0.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,126,746 shares of the company’s stock after buying an additional 4,341 shares during the period. Brown Advisory Inc. owned approximately 1.90% of First Watch Restaurant Group worth $15,245,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Crossmark Global Holdings Inc. boosted its position in First Watch Restaurant Group by 7.3% in the fourth quarter. Crossmark Global Holdings Inc. now owns 17,183 shares of the company’s stock worth $232,000 after purchasing an additional 1,163 shares during the last quarter. Federated Hermes Inc. boosted its position in First Watch Restaurant Group by 23.4% in the third quarter. Federated Hermes Inc. now owns 1,580,300 shares of the company’s stock worth $22,883,000 after purchasing an additional 300,000 shares during the last quarter. Prudential Financial Inc. boosted its position in First Watch Restaurant Group by 115.2% in the third quarter. Prudential Financial Inc. now owns 28,770 shares of the company’s stock worth $417,000 after purchasing an additional 15,400 shares during the last quarter. Russell Investments Group Ltd. boosted its position in First Watch Restaurant Group by 136.2% in the third quarter. Russell Investments Group Ltd. now owns 27,515 shares of the company’s stock worth $397,000 after purchasing an additional 15,866 shares during the last quarter. Finally, MYDA Advisors LLC purchased a new position in First Watch Restaurant Group in the third quarter worth about $333,000. 96.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FWRG has been the topic of several research reports. Raymond James dropped their target price on First Watch Restaurant Group from $23.00 to $22.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 8th. Barclays raised their price objective on First Watch Restaurant Group from $19.00 to $21.00 in a research note on Wednesday, May 3rd. TD Cowen reaffirmed a “market perform” rating and issued a $17.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, March 8th. Citigroup decreased their price objective on First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday, March 8th. Finally, 3M reaffirmed a “maintains” rating on shares of First Watch Restaurant Group in a research note on Wednesday, May 3rd. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.75.

First Watch Restaurant Group Stock Down 5.2 %

Shares of FWRG opened at $16.75 on Friday. The business’s 50 day moving average is $16.57 and its 200 day moving average is $15.77. The company has a market capitalization of $994.28 million, a PE ratio of 88.16, a price-to-earnings-growth ratio of 1.79 and a beta of 1.09. First Watch Restaurant Group, Inc. has a 12-month low of $12.45 and a 12-month high of $18.95. The company has a current ratio of 0.77, a quick ratio of 0.72 and a debt-to-equity ratio of 0.17.

First Watch Restaurant Group (NASDAQ:FWRG – Get Rating) last issued its earnings results on Tuesday, May 2nd. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.06. First Watch Restaurant Group had a return on equity of 2.22% and a net margin of 1.51%. The company had revenue of $211.41 million for the quarter, compared to the consensus estimate of $209.34 million. Research analysts expect that First Watch Restaurant Group, Inc. will post 0.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other First Watch Restaurant Group news, Director David Paresky sold 4,025,000 shares of First Watch Restaurant Group stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $15.47, for a total value of $62,266,750.00. Following the sale, the director now owns 37,539,784 shares of the company’s stock, valued at approximately $580,740,458.48. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.50% of the company’s stock.

First Watch Restaurant Group Company Profile

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First Watch Restaurant Group, Inc operates and franchises restaurants under the First Watch trade name. As of September 7, 2022, it operated 445 restaurants in 28 states 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.