Paralel Advisors LLC Takes $11.60 Million Position in First Watch Restaurant Group, Inc. $FWRG

Paralel Advisors LLC acquired a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) during the second quarter, Holdings Channel reports. The institutional investor acquired 900,000 shares of the company’s stock, valued at approximately $11,601,000. First Watch Restaurant Group accounts for 0.4% of Paralel Advisors LLC’s portfolio, making the stock its 21st largest position.

Other institutional investors have also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of First Watch Restaurant Group during the second quarter worth about $58,445,000. Bank of New York Mellon Corp increased its holdings in First Watch Restaurant Group by 96.7% in the 1st quarter. Bank of New York Mellon Corp now owns 3,957,697 shares of the company’s stock worth $41,477,000 after buying an additional 1,946,084 shares during the period. The Manufacturers Life Insurance Company increased its holdings in First Watch Restaurant Group by 81.4% in the 1st 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. Vanguard Group Inc. raised its position in First Watch Restaurant Group by 15.0% during the 4th quarter. Vanguard Group Inc. now owns 3,320,929 shares of the company’s stock worth $50,080,000 after buying an additional 432,634 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in First Watch Restaurant Group by 19.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,084,886 shares of the company’s stock worth $32,328,000 after buying an additional 508,704 shares during the last quarter. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FWRG. Citigroup decreased their price objective on shares of First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday, August 5th. Freedom Capital raised shares of First Watch Restaurant Group to a “strong-buy” rating in a report on Wednesday, July 1st. Guggenheim reduced their target price on shares of First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating for the company in a report on Friday, August 7th. Weiss Ratings raised shares of First Watch Restaurant Group from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, August 4th. Finally, Stephens reaffirmed an “overweight” rating and set a $21.00 price target on shares of First Watch Restaurant Group in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to 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 Stock Up 1.1%

Shares of FWRG stock opened at $12.63 on Friday. First Watch Restaurant Group, Inc. has a twelve month low of $9.97 and a twelve month high of $19.53. The stock has a market cap of $779.40 million, a P/E ratio of 43.55, a P/E/G ratio of 20.82 and a beta of 1.03. The stock has a 50 day moving average of $12.42 and a 200 day moving average of $12.49. The company has a current ratio of 0.27, a quick ratio of 0.22 and a debt-to-equity ratio of 0.44.

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

First Watch Restaurant Group Company 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.