California State Teachers Retirement System acquires 4,294 shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

California State Teachers Retirement System increased its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG – Free Report) by 15.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,822 shares of the company’s stock after acquiring an additional 4,294 shares during the quarter. California State Teachers Retirement System owned 0.05% of First Watch Restaurant Group valued at $783,000 at the end of the last quarter.

A number of other institutional investors have also recently added to or reduced their holdings of FWRG. Sunbelt Securities Inc. acquired a new stake in First Watch Restaurant Group during the 1st quarter valued at approximately $65,000. Quent Capital LLC acquired a new position in shares of First Watch Restaurant Group during the 1st quarter valued at approximately $172,000. Accent Capital Management LLC acquired a new position in shares of First Watch Restaurant Group during the 4th quarter valued at approximately $211,000. Janus Henderson Group PLC acquired a new position in shares of First Watch Restaurant Group during the 1st quarter valued at approximately $226,000. Finally, LVW Advisors LLC acquired a new position in shares of First Watch Restaurant Group during the 1st quarter valued at approximately $227,000. 96.11% of the shares are owned by institutional investors.

Upgrades and downgrades by analysts

Several brokerage firms have recently issued reports on FWRG. Barclays decreased their price target on shares of First Watch Restaurant Group from $27.00 to $21.00 and assigned an “overweight” rating on the stock in a research report on Wednesday, August 7th. Stifel Nicolaus decreased their price target on shares of First Watch Restaurant Group from $22.00 to $18.00 and assigned a “hold” rating on the stock in a research report on Tuesday, July 2nd. TD Cowen reiterated a “hold” rating and issued a $18.00 price target on shares of First Watch Restaurant Group in a research report on Wednesday, August 7th. Finally, Bank of America decreased their price target on shares of First Watch Restaurant Group from $29.00 to $24.00 and assigned a “buy” rating on the stock in a research report on Wednesday, July 17th. Two research analysts have rated the stock with a “hold” rating, three have assigned a “buy” rating and one has given the company a “strong buy” rating. Based on data from MarketBeat.com, First Watch Restaurant Group currently has an average rating of “Moderate Buy” and an average price target of $23.00.

Get our latest stock report on FWRG

First Watch Restaurant Group shares down 2.2%

First Watch Restaurant Group stock opened at $16.10 on Thursday. 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, Inc. has a 12-month low of $14.05 and a 12-month high of $25.98. The company’s 50-day moving average is $16.62 and its 200-day moving average is $20.63. The company has a market cap of $972.01 million, a P/E ratio of 42.37, a PEG ratio of 2.15 and a beta of 0.88.

First Watch Restaurant Group (NASDAQ:FWRG – Get Free Report) last released its earnings results on Tuesday, August 6. The company reported earnings per share (EPS) of $0.14 for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The company had revenues of $258.60 million for the quarter, compared to the consensus estimate of $257.65 million. First Watch Restaurant Group had a net margin of 2.52% and a return on equity of 4.15%. First Watch Restaurant Group’s quarterly revenues increased 19.6% compared to the year-ago quarter. In the year-ago quarter, the company generated earnings per share of $0.13. Sell-side analysts forecast that First Watch Restaurant Group, Inc. as a group will report earnings per share of $0.37 for the current fiscal year.

Company profile of First Watch Restaurant Group

(Free report)

First Watch Restaurant Group, Inc., through its subsidiaries, operates and franchises restaurants in the United States under the trade name First Watch. 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.