Engineers Gate Manager LP Takes $389,000 Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Engineers Gate Manager LP acquired a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG – Get Rating) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 26,884 shares of the company’s stock, valued at approximately $389,000.

Other institutional investors have also modified their holdings of the company. Captrust Financial Advisors lifted its holdings in shares of First Watch Restaurant Group by 170.4% in the second quarter. Captrust Financial Advisors now owns 2,028 shares of the company’s stock valued at $29,000 after buying an additional 1,278 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of First Watch Restaurant Group by 355.7% in the third quarter. Tower Research Capital LLC TRC now owns 2,274 shares of the company’s stock valued at $32,000 after buying an additional 1,775 shares during the period. Quantbot Technologies LP acquired a new stake in shares of First Watch Restaurant Group in the third quarter valued at $93,000. Cubist Systematic Strategies LLC lifted its holdings in shares of First Watch Restaurant Group by 67.5% in the third quarter. Cubist Systematic Strategies LLC now owns 10,302 shares of the company’s stock valued at $149,000 after buying an additional 4,150 shares during the period. Finally, PDT Partners LLC acquired a new stake in shares of First Watch Restaurant Group during the first quarter worth $137,000. Institutional investors and hedge funds own 96.36% of the company’s stock.

Wall Street Analyst Weigh In

FWRG has been the topic of a number of recent analyst reports. Raymond James cut their target price on First Watch Restaurant Group from $23.00 to $22.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 8th. TD Cowen reaffirmed a “market perform” rating and set a $17.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, March 8th. Barclays boosted their target price on First Watch Restaurant Group from $17.00 to $19.00 and gave the stock an “overweight” rating in a research report on Thursday, January 26th. Citigroup cut their target price on First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating on the stock in a research report on Wednesday, March 8th. Finally, Cowen cut their target price on First Watch Restaurant Group to $17.00 in a research report on Tuesday, November 15th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $20.11.

First Watch Restaurant Group Stock Down 2.2 %

NASDAQ:FWRG opened at $14.94 on Tuesday. The firm has a market capitalization of $885.34 million, a price-to-earnings ratio of 124.51, a PEG ratio of 2.55 and a beta of 1.07. First Watch Restaurant Group, Inc. has a 1-year low of $11.57 and a 1-year high of $18.95. The company has a current ratio of 0.67, a quick ratio of 0.62 and a debt-to-equity ratio of 0.18. The business’s fifty day moving average price is $15.70 and its 200 day moving average price is $15.56.

About First Watch Restaurant Group

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First Watch Restaurant Group, Inc operates and franchises restaurants under the First Watch trade name. As of September 7, 2022, it operated 445 restaurants in 28 states 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.