Granahan Investment Management LLC Reduces Stock Holdings in First Watch Restaurant Group, Inc. $FWRG

Granahan Investment Management LLC decreased its position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 13.0% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,451,237 shares of the company’s stock after selling 216,095 shares during the period. Granahan Investment Management LLC’s holdings in First Watch Restaurant Group were worth $21,885,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of the company. Legal & General Group Plc lifted its stake in First Watch Restaurant Group by 1.6% in the second quarter. Legal & General Group Plc now owns 45,531 shares of the company’s stock valued at $730,000 after purchasing an additional 724 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in First Watch Restaurant Group by 4.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 23,016 shares of the company’s stock valued at $360,000 after acquiring an additional 934 shares during the period. Intech Investment Management LLC raised its holdings in First Watch Restaurant Group by 11.1% during the 4th quarter. Intech Investment Management LLC now owns 16,041 shares of the company’s stock valued at $242,000 after acquiring an additional 1,606 shares during the period. BNP Paribas Financial Markets raised its holdings in First Watch Restaurant Group by 61.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company’s stock valued at $70,000 after acquiring an additional 1,673 shares during the period. Finally, Arizona State Retirement System raised its holdings in First Watch Restaurant Group by 13.1% during the 4th quarter. Arizona State Retirement System now owns 15,295 shares of the company’s stock valued at $231,000 after acquiring an additional 1,777 shares during the period. Hedge funds and other institutional investors own 96.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FWRG. Barclays lowered 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 report on Wednesday, February 25th. Wall Street Zen raised shares of First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a report on Saturday, May 30th. TD Cowen reissued a “buy” rating and set a $17.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, June 3rd. Stifel Nicolaus set a $14.00 target price on shares of First Watch Restaurant Group in a report on Tuesday, May 5th. Finally, Stephens reissued an “overweight” rating and set a $21.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, First Watch Restaurant Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.27.

First Watch Restaurant Group Trading Down 2.1%

First Watch Restaurant Group stock opened at $11.60 on Wednesday. The stock has a market cap of $715.14 million, a P/E ratio of 41.43, a PEG ratio of 6.13 and a beta of 1.06. First Watch Restaurant Group, Inc. has a fifty-two week low of $9.97 and a fifty-two week high of $19.53. The firm’s fifty day moving average price is $11.66 and its 200-day moving average price is $13.81. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.25 and a current ratio of 0.29.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The firm had revenue of $330.96 million during the quarter, compared to the consensus estimate of $329.35 million. First Watch Restaurant Group had a return on equity of 2.85% and a net margin of 1.38%.The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.01) EPS. Equities research analysts forecast that First Watch Restaurant Group, Inc. will post 0.2 earnings per share for the current fiscal year.

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.