Oppenheimer Asset Management Inc. Makes New $1.34 Million Investment in First Watch Restaurant Group, Inc. $FWRG

Oppenheimer Asset Management Inc. purchased a new position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 104,278 shares of the company’s stock, valued at approximately $1,344,000. Oppenheimer Asset Management Inc. owned about 0.17% of First Watch Restaurant Group as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the business. Bank of New York Mellon Corp raised its stake in First Watch Restaurant Group by 96.7% during the first quarter. Bank of New York Mellon Corp now owns 3,957,697 shares of the company’s stock worth $41,477,000 after acquiring an additional 1,946,084 shares during the period. The Manufacturers Life Insurance Company boosted its stake in First Watch Restaurant Group by 81.4% in the first quarter. The Manufacturers Life Insurance Company now owns 3,357,950 shares of the company’s stock valued at $35,191,000 after acquiring an additional 1,507,074 shares during the period. Vanguard Group Inc. grew its holdings in shares of First Watch Restaurant Group by 15.0% during the fourth quarter. Vanguard Group Inc. now owns 3,320,929 shares of the company’s stock valued at $50,080,000 after purchasing an additional 432,634 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of First Watch Restaurant Group by 19.7% during the first quarter. Dimensional Fund Advisors LP now owns 3,084,886 shares of the company’s stock valued at $32,328,000 after purchasing an additional 508,704 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of First Watch Restaurant Group by 51.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,335,883 shares of the company’s stock worth $37,468,000 after purchasing an additional 796,191 shares during the period. Institutional investors own 96.11% of the company’s stock.

Analyst Ratings Changes

FWRG has been the subject of a number of analyst reports. Wall Street Zen upgraded First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Stifel Nicolaus set a $14.00 price target on shares of First Watch Restaurant Group in a report on Tuesday, May 5th. TD Cowen restated a “buy” rating and issued a $17.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, June 3rd. Stephens reissued an “overweight” rating and set a $21.00 target price on shares of First Watch Restaurant Group in a research note on Wednesday, May 6th. Finally, Freedom Capital raised First Watch Restaurant Group to a “strong-buy” rating in a research note on Wednesday, July 1st. One investment 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.56.

First Watch Restaurant Group Price Performance

Shares of First Watch Restaurant Group stock opened at $12.72 on Monday. The stock has a 50-day moving average price of $12.30 and a 200 day moving average price of $12.60. The company has a market cap of $784.95 million, a P/E ratio of 43.86, a P/E/G ratio of 21.20 and a beta of 1.03. 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, Inc. has a 1 year low of $9.97 and a 1 year high of $19.53.

First Watch Restaurant Group (NASDAQ:FWRG) last released its earnings results on Tuesday, August 4th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). The business had revenue of $354.67 million for the quarter, compared to analysts’ expectations of $351.57 million. First Watch Restaurant Group had a net margin of 1.35% and a return on equity of 2.85%. The company’s revenue was up 15.2% compared to the same quarter last year. During the same period last year, the firm earned $0.03 EPS. As a group, analysts expect that First Watch Restaurant Group, Inc. will post 0.15 EPS for the current fiscal year.

About First Watch Restaurant Group

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.