Armistice Capital LLC Buys New Holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Armistice Capital LLC purchased a new position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) during the second quarter, Holdings Channel reports. The fund purchased 185,000 shares of the company’s stock, valued at approximately $3,249,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FWRG. The Manufacturers Life Insurance Company grew its holdings in shares of First Watch Restaurant Group by 14.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 1,408,454 shares of the company’s stock worth $28,310,000 after purchasing an additional 175,074 shares during the last quarter. Premier Fund Managers Ltd bought a new stake in First Watch Restaurant Group in the 4th quarter worth $273,000. RK Capital Management LLC grew its holdings in First Watch Restaurant Group by 3.8% in the 4th quarter. RK Capital Management LLC now owns 511,300 shares of the company’s stock worth $10,277,000 after acquiring an additional 18,800 shares during the last quarter. Stephens Investment Management Group LLC increased its position in shares of First Watch Restaurant Group by 16.5% in the fourth quarter. Stephens Investment Management Group LLC now owns 353,041 shares of the company’s stock valued at $7,096,000 after acquiring an additional 50,057 shares during the period. Finally, Gilder Gagnon Howe & Co. LLC raised its stake in shares of First Watch Restaurant Group by 9.6% during the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 1,074,612 shares of the company’s stock valued at $21,600,000 after acquiring an additional 93,931 shares during the last quarter. Institutional investors own 96.11% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Benchmark assumed coverage on First Watch Restaurant Group in a research note on Tuesday, August 27th. They issued a “buy” rating and a $23.00 target price on the stock. Stifel Nicolaus cut their price objective on First Watch Restaurant Group from $22.00 to $18.00 and set a “hold” rating on the stock in a research report on Tuesday, July 2nd. Bank of America decreased their target price on First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. TD Cowen reaffirmed a “hold” rating and issued a $18.00 price target on shares of First Watch Restaurant Group in a research note on Thursday, September 12th. Finally, Barclays decreased their price objective on shares of First Watch Restaurant Group from $27.00 to $21.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, First Watch Restaurant Group currently has an average rating of “Moderate Buy” and a consensus target price of $23.00.

First Watch Restaurant Group Price Performance

Shares of FWRG stock opened at $15.69 on Friday. The business’s fifty day moving average is $15.90 and its 200 day moving average is $19.01. The company has a quick ratio of 0.52, a current ratio of 0.57 and a debt-to-equity ratio of 0.33. The stock has a market cap of $947.25 million, a price-to-earnings ratio of 41.29, a PEG ratio of 2.42 and a beta of 0.88. First Watch Restaurant Group, Inc. has a twelve month low of $14.05 and a twelve month high of $25.98.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its earnings results on Tuesday, August 6th. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The firm had revenue of $258.60 million for the quarter, compared to analysts’ expectations of $257.65 million. First Watch Restaurant Group had a net margin of 2.51% and a return on equity of 4.24%. The company’s quarterly revenue was up 19.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.13 EPS. Research analysts expect that First Watch Restaurant Group, Inc. will post 0.34 EPS for the current fiscal year.

First Watch Restaurant Group 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.