Harbor Capital Advisors Inc. Lowers Stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Harbor Capital Advisors Inc. lessened its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 20.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 14,303 shares of the company’s stock after selling 3,682 shares during the period. Harbor Capital Advisors Inc.’s holdings in First Watch Restaurant Group were worth $223,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new stake in shares of First Watch Restaurant Group in the third quarter valued at $119,000. Quent Capital LLC grew its position in First Watch Restaurant Group by 28.6% in the 2nd quarter. Quent Capital LLC now owns 9,000 shares of the company’s stock valued at $158,000 after acquiring an additional 2,000 shares in the last quarter. Janus Henderson Group PLC acquired a new position in First Watch Restaurant Group in the 1st quarter valued at about $226,000. Diversified Trust Co increased its stake in First Watch Restaurant Group by 9.8% during the third quarter. Diversified Trust Co now owns 15,750 shares of the company’s stock worth $246,000 after purchasing an additional 1,400 shares during the period. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of First Watch Restaurant Group during the second quarter worth about $281,000. Hedge funds and other institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Trading Up 14.1 %

Shares of FWRG stock opened at $20.83 on Friday. The firm has a market capitalization of $1.26 billion, a PE ratio of 53.41, a P/E/G ratio of 4.71 and a beta of 0.85. First Watch Restaurant Group, Inc. has a 1-year low of $12.90 and a 1-year high of $25.98. The business’s fifty day moving average price is $15.82 and its 200 day moving average price is $17.42. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.57 and a quick ratio of 0.52.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.12 by $0.02. First Watch Restaurant Group had a return on equity of 4.24% and a net margin of 2.51%. The business had revenue of $258.60 million for the quarter, compared to analyst estimates of $257.65 million. During the same quarter in the previous year, the company earned $0.13 EPS. The company’s quarterly revenue was up 19.6% on a year-over-year basis. As a group, sell-side analysts forecast that First Watch Restaurant Group, Inc. will post 0.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FWRG has been the subject of a number of research reports. TD Cowen restated a “hold” rating and issued a $18.00 price objective on shares of First Watch Restaurant Group in a report on Thursday, September 12th. Stephens began coverage on First Watch Restaurant Group in a research note on Thursday, October 17th. They issued an “overweight” rating and a $20.00 price target on the stock. Barclays reduced their price objective on shares of First Watch Restaurant Group from $21.00 to $18.00 and set an “overweight” rating for the company in a research report on Tuesday, October 22nd. Guggenheim cut their price target on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday, October 4th. Finally, Bank of America dropped their price objective on shares of First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.00.

First Watch Restaurant Group Company 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.