Penn Capital Management Company LLC Has $19.02 Million Stake in First Watch Restaurant Group, Inc. $FWRG

Penn Capital Management Company LLC increased its position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 29.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,472,751 shares of the company’s stock after purchasing an additional 331,594 shares during the period. Penn Capital Management Company LLC owned approximately 2.39% of First Watch Restaurant Group worth $19,016,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. BlackRock Inc. bought a new stake in First Watch Restaurant Group during the 2nd quarter valued at $58,445,000. The Manufacturers Life Insurance Company bought a new position in shares of First Watch Restaurant Group in the second quarter valued at $49,291,000. Bank of New York Mellon Corp acquired a new stake in shares of First Watch Restaurant Group in the 2nd quarter worth about $47,938,000. Woodline Partners LP bought a new position in First Watch Restaurant Group in the 3rd quarter valued at about $20,318,000. Finally, Bank of America Corp DE bought a new position in First Watch Restaurant Group in the 2nd quarter valued at about $13,783,000. Institutional investors and hedge funds own 96.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FWRG. Wall Street Zen raised First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. TD Cowen reaffirmed a “buy” rating and set a $17.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, June 3rd. Citigroup decreased their price target 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. Freedom Capital raised First Watch Restaurant Group to a “strong-buy” rating in a research report on Wednesday, July 1st. Finally, Stephens restated an “overweight” rating and set a $21.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, First Watch Restaurant Group has an average rating of “Moderate Buy” and a consensus target price of $18.56.

First Watch Restaurant Group Trading Up 1.1%

NASDAQ:FWRG opened at $12.51 on Friday. 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 50-day moving average price of $12.54 and a two-hundred day moving average price of $12.35. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.22 and a current ratio of 0.27. The firm has a market cap of $771.99 million, a price-to-earnings ratio of 43.14, a price-to-earnings-growth ratio of 20.85 and a beta of 1.03.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its earnings results on Tuesday, August 4th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The business 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%.First Watch Restaurant Group’s quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.03 EPS. On average, equities analysts expect that First Watch Restaurant Group, Inc. will post 0.15 earnings per share 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.