Legato Capital Management LLC Buys New Shares in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Legato Capital Management LLC purchased a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 25,382 shares of the company’s stock, valued at approximately $446,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of First Watch Restaurant Group by 18.8% during the 1st quarter. Vanguard Group Inc. now owns 1,611,452 shares of the company’s stock worth $39,674,000 after acquiring an additional 255,307 shares in the last quarter. Brown Advisory Inc. raised its holdings in First Watch Restaurant Group by 0.4% during the fourth quarter. Brown Advisory Inc. now owns 1,478,407 shares of the company’s stock worth $29,716,000 after purchasing an additional 6,494 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of First Watch Restaurant Group by 14.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,408,454 shares of the company’s stock worth $28,310,000 after buying an additional 175,074 shares during the last quarter. Gilder Gagnon Howe & Co. LLC lifted its position in shares of First Watch Restaurant Group by 9.6% during the 4th quarter. Gilder Gagnon Howe & Co. LLC now owns 1,074,612 shares of the company’s stock worth $21,600,000 after buying an additional 93,931 shares during the last quarter. Finally, Foxhaven Asset Management LP boosted its holdings in shares of First Watch Restaurant Group by 44.3% in the 4th quarter. Foxhaven Asset Management LP now owns 1,046,362 shares of the company’s stock valued at $21,032,000 after buying an additional 321,375 shares in the last quarter. Hedge funds and other institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Trading Up 0.6 %

Shares of First Watch Restaurant Group stock opened at $17.20 on Wednesday. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of 45.26, a price-to-earnings-growth ratio of 2.15 and a beta of 0.88. First Watch Restaurant Group, Inc. has a 52-week low of $14.05 and a 52-week high of $25.98. The company’s 50-day simple moving average is $16.38 and its 200-day simple moving average is $20.30. The company has a quick ratio of 0.55, a current ratio of 0.60 and a debt-to-equity ratio of 0.21.

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 analysts’ consensus estimates of $0.12 by $0.02. First Watch Restaurant Group had a return on equity of 4.15% and a net margin of 2.52%. The business had revenue of $258.60 million during the quarter, compared to the consensus estimate of $257.65 million. During the same period in the prior year, the business posted $0.13 EPS. The company’s revenue for the quarter was up 19.6% on a year-over-year basis. As a group, equities research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.37 earnings per share for the current year.

Analysts Set New Price Targets

FWRG has been the topic of a number of research analyst reports. TD Cowen reiterated a “hold” rating and set a $18.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, August 7th. Barclays cut their price target on First Watch Restaurant Group from $27.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Bank of America decreased their price objective 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. Stifel Nicolaus cut their target price on shares of First Watch Restaurant Group from $22.00 to $18.00 and set a “hold” rating on the stock in a report on Tuesday, July 2nd. Finally, Benchmark initiated coverage on shares of First Watch Restaurant Group in a research note on Tuesday. They set a “buy” rating and a $23.00 price target for the company. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $23.00.

About First Watch Restaurant Group

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.