Bank of New York Mellon Corp Buys 31,907 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Bank of New York Mellon Corp lifted its position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 44.3% in the second quarter, HoldingsChannel.com reports. The fund owned 103,935 shares of the company’s stock after buying an additional 31,907 shares during the period. Bank of New York Mellon Corp’s holdings in First Watch Restaurant Group were worth $1,825,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Sunbelt Securities Inc. acquired a new position in shares of First Watch Restaurant Group during the first quarter worth $65,000. Quent Capital LLC bought a new position in First Watch Restaurant Group during the first quarter worth $172,000. Janus Henderson Group PLC acquired a new stake in First Watch Restaurant Group in the first quarter worth $226,000. LVW Advisors LLC bought a new stake in First Watch Restaurant Group in the first quarter valued at $227,000. Finally, Accent Capital Management LLC acquired a new position in shares of First Watch Restaurant Group during the fourth quarter valued at about $211,000. Institutional investors and hedge funds own 96.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on FWRG. Barclays dropped their price objective on shares of First Watch Restaurant Group from $27.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Benchmark began coverage on First Watch Restaurant Group in a research note on Tuesday, August 27th. They issued a “buy” rating and a $23.00 price objective for the company. Stifel Nicolaus lowered their price objective on shares of 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 reduced 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. Finally, TD Cowen reaffirmed a “hold” rating and issued a $18.00 price target on shares of First Watch Restaurant Group in a report on Thursday, September 12th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $23.00.

First Watch Restaurant Group Price Performance

FWRG opened at $15.34 on Wednesday. The stock has a market capitalization of $926.12 million, a P/E ratio of 40.37, a PEG ratio of 2.35 and a beta of 0.88. The company has a current ratio of 0.57, a quick ratio of 0.52 and a debt-to-equity ratio of 0.33. First Watch Restaurant Group, Inc. has a 12-month low of $14.05 and a 12-month high of $25.98. The stock has a 50-day moving average price of $15.95 and a 200-day moving average price of $19.46.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its earnings results on Tuesday, August 6th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business’s revenue was up 19.6% on a year-over-year basis. During the same quarter last year, the business earned $0.13 earnings per share. Equities analysts predict that First Watch Restaurant Group, Inc. will post 0.34 earnings per share 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.