Man Group plc Makes New Investment in First Watch Restaurant Group, Inc. $FWRG

Man Group plc purchased a new stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 80,897 shares of the company’s stock, valued at approximately $1,043,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Allworth Financial LP acquired a new position in shares of First Watch Restaurant Group in the 2nd quarter worth approximately $29,000. Rockefeller Capital Management L.P. acquired a new stake in First Watch Restaurant Group in the 4th quarter valued at approximately $63,000. State of Wyoming acquired a new stake in First Watch Restaurant Group in the 4th quarter valued at approximately $64,000. Kemnay Advisory Services Inc. purchased a new stake in First Watch Restaurant Group in the fourth quarter valued at approximately $66,000. Finally, BNP Paribas Financial Markets lifted its stake in First Watch Restaurant Group by 61.9% during the second quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company’s stock worth $70,000 after purchasing an additional 1,673 shares in the last quarter. 96.11% of the stock is owned by hedge funds and other institutional investors.

First Watch Restaurant Group Trading Up 0.3%

FWRG opened at $12.11 on Thursday. The business has a fifty day moving average price of $12.58 and a 200 day moving average price of $12.23. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.27 and a quick ratio of 0.22. First Watch Restaurant Group, Inc. has a 12 month low of $9.97 and a 12 month high of $19.02. The stock has a market capitalization of $747.33 million, a price-to-earnings ratio of 41.76, a PEG ratio of 20.12 and a beta of 1.03.

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

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Guggenheim lowered their price target on First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, August 7th. Weiss Ratings raised First Watch Restaurant Group from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, August 28th. Wall Street Zen upgraded First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. 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. Finally, TD Cowen reiterated a “buy” rating and set a $17.00 price target on shares of First Watch Restaurant Group in a research note on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $18.56.

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.