WCM Investment Management LLC Reduces Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

WCM Investment Management LLC lowered its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 0.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 657,067 shares of the company’s stock after selling 6,055 shares during the quarter. WCM Investment Management LLC owned 1.09% of First Watch Restaurant Group worth $10,342,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. Quent Capital LLC purchased a new position in First Watch Restaurant Group in the 1st quarter worth about $172,000. Quantbot Technologies LP bought a new stake in First Watch Restaurant Group during the 1st quarter valued at $322,000. Swiss National Bank grew its position in shares of First Watch Restaurant Group by 22.3% during the 1st quarter. Swiss National Bank now owns 64,600 shares of the company’s stock worth $1,590,000 after buying an additional 11,800 shares in the last quarter. Sei Investments Co. raised its holdings in shares of First Watch Restaurant Group by 6.5% in the first quarter. Sei Investments Co. now owns 29,162 shares of the company’s stock valued at $718,000 after acquiring an additional 1,783 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in First Watch Restaurant Group by 44.0% in the first quarter. Russell Investments Group Ltd. now owns 26,030 shares of the company’s stock worth $641,000 after acquiring an additional 7,952 shares during the period. Institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Trading Up 1.7 %

Shares of NASDAQ:FWRG opened at $21.42 on Tuesday. The company has a quick ratio of 0.52, a current ratio of 0.57 and a debt-to-equity ratio of 0.33. First Watch Restaurant Group, Inc. has a 52-week low of $12.90 and a 52-week high of $25.98. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of 64.91, a PEG ratio of 5.88 and a beta of 0.85. The business has a 50-day moving average price of $16.01 and a 200-day moving average price of $17.32.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). The business had revenue of $251.61 million for the quarter, compared to analysts’ expectations of $256.17 million. First Watch Restaurant Group had a return on equity of 3.64% and a net margin of 2.09%. The business’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.09 earnings per share. Equities analysts predict that First Watch Restaurant Group, Inc. will post 0.31 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on FWRG shares. Piper Sandler increased their price objective on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday. Benchmark reiterated a “buy” rating and issued a $23.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, October 16th. Guggenheim dropped their price objective on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday, October 4th. Stephens raised their price target on shares of First Watch Restaurant Group from $20.00 to $25.00 and gave the company an “overweight” rating in a report on Friday. Finally, Bank of America decreased their target price on shares of First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $23.30.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc, through its subsidiaries, operates and franchises restaurants under the First Watch trade name 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. First Watch Restaurant Group, Inc was founded in 1983 and is based in Bradenton, Florida.