First Watch Restaurant Group, Inc. (FWRG)

In the past six months, First Watch Restaurant Group's stock price has been impacted by several events, including Q1 and Q2 2025 earnings reports. Q2 2025 financial results showed an increase in total revenues and system-wide sales, but a decrease in net income. The company announced a follow-on equity offering and a new major risk related to its financial position. Analyst forecasts have seen price targets for FWRG stock raised by various firms, with a median target of $22.97 as of October 2025. A bullish two hundred day moving average cross was observed on July 8, 2025. The stock has shown stable weekly volatility over the past year and has not experienced significant price volatility in the past three months compared to the US market.

First Watch Restaurant Group's demand is influenced by its focus on daytime dining and its culinary strategy. The company's chef-driven menu rotates five times a year to feature seasonal ingredients and flavors. Breakfast has consistently been the only daypart to experience growth over the last five to seven years in the restaurant industry, a trend that benefits First Watch. The company has observed that consumers are resilient and willing to spend on the dining experience, indicating a consistent demand for their offerings.

First Watch Restaurant Group, Inc. (FWRG) is a leading daytime dining concept company that operates and franchises restaurants under the First Watch trade name in the United States, operating in the Consumer Discretionary sector, specifically the Restaurants & Bars industry. First Watch is known for serving made-to-order breakfast, brunch, and lunch using fresh ingredients, featuring elevated executions of classic favorites alongside specialties. The company's culinary philosophy, "Follow the Sun," involves rotating its chef-driven menu five times a year to highlight peak-quality seasonal flavors.

First Watch Restaurant Group operates more than 600 restaurants across 32 states in the United States. As of August 2025, this included 531 company-owned and 69 franchise-owned restaurants across 31 states.

First Watch has a strong brand reputation, evidenced by accolades such as being voted 2025's #1 Best Breakfast by Newsweek's Readers' Choice Awards and being named the #1 Most Loved Workplace® in America by the Best Practice Institute in both 2024 and 2025. The company actively uses various marketing channels, including affiliate partnerships, social media, digital marketing, direct mailers, public relations, local community sponsorships, and email communications, to maintain its brand presence.

First Watch Restaurant Group, Inc. (FWRG) has significant institutional ownership, with 114.14% institutional shareholders and 376.47% First Watch Restaurant Group insiders. Major institutional owners include Advent International Corp/ma, BlackRock, Inc., Vanguard Group Inc, Dimensional Fund Advisors Lp, The Manufacturers Life Insurance Company, Lazard Asset Management Llc, Jpmorgan Chase & Co, Gilder Gagnon Howe & Co Llc, Fmr Llc, and Champlain Investment Partners, LLC. Advent International Corp is a particularly large holder. The largest individual shareholder is Michael James White, who owns 41.56 million shares, representing 68.11% of the company.