77,000 Shares in First Watch Restaurant Group, Inc. $FWRG Acquired by Cibc World Market Inc.

Cibc World Market Inc. bought a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 77,000 shares of the company’s stock, valued at approximately $993,000.

Several other institutional investors have also recently added to or reduced their stakes in FWRG. BlackRock Inc. purchased a new stake in First Watch Restaurant Group in the second quarter valued at approximately $58,445,000. Bank of New York Mellon Corp purchased a new position in shares of First Watch Restaurant Group during the second quarter worth $47,938,000. The Manufacturers Life Insurance Company boosted its position in shares of First Watch Restaurant Group by 81.4% during the first quarter. The Manufacturers Life Insurance Company now owns 3,357,950 shares of the company’s stock worth $35,191,000 after buying an additional 1,507,074 shares during the period. Woodline Partners LP purchased a new position in shares of First Watch Restaurant Group during the third quarter worth $20,318,000. Finally, Riverbridge Partners LLC grew its stake in shares of First Watch Restaurant Group by 90.8% in the first quarter. Riverbridge Partners LLC now owns 2,091,700 shares of the company’s stock valued at $21,921,000 after buying an additional 995,671 shares in the last quarter. Institutional investors and hedge funds own 96.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FWRG. Guggenheim cut their price objective on First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Citigroup lowered their target price on First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Stephens reaffirmed an “overweight” rating and issued a $21.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, May 6th. TD Cowen reaffirmed a “buy” rating and issued a $17.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, June 3rd. Finally, Freedom Capital upgraded shares of First Watch Restaurant Group to a “strong-buy” rating in a research note on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.56.

First Watch Restaurant Group Price Performance

First Watch Restaurant Group stock opened at $12.38 on Friday. The company has a quick ratio of 0.22, a current ratio of 0.27 and a debt-to-equity ratio of 0.44. First Watch Restaurant Group, Inc. has a 52-week low of $9.97 and a 52-week high of $19.15. The firm has a market cap of $763.99 million, a PE ratio of 42.69, a price-to-earnings-growth ratio of 21.48 and a beta of 1.03. The company’s 50 day moving average is $12.53 and its two-hundred day moving average is $12.35.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.01). First Watch Restaurant Group had a return on equity of 2.85% and a net margin of 1.35%.The business had revenue of $354.67 million during the quarter, compared to analyst estimates of $351.57 million. During the same quarter last year, the firm earned $0.03 EPS. The business’s revenue was up 15.2% on a year-over-year basis. On average, research analysts expect that First Watch Restaurant Group, Inc. will post 0.15 EPS for the current fiscal year.

First Watch Restaurant Group Profile

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.