First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Holdings Raised by 12 West Capital Management LP

12 West Capital Management LP grew its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 20.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,013,406 shares of the company's stock after purchasing an additional 337,920 shares during the period. First Watch Restaurant Group makes up about 3.9% of 12 West Capital Management LP's holdings, making the stock its 9th biggest position. 12 West Capital Management LP owned approximately 3.32% of First Watch Restaurant Group worth $37,469,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of FWRG. Jane Street Group LLC lifted its position in shares of First Watch Restaurant Group by 1.1% during the 3rd quarter. Jane Street Group LLC now owns 49,358 shares of the company's stock valued at $770,000 after acquiring an additional 551 shares during the period. Assetmark Inc. raised its holdings in First Watch Restaurant Group by 68.7% during the fourth quarter. Assetmark Inc. now owns 2,455 shares of the company's stock worth $46,000 after purchasing an additional 1,000 shares during the last quarter. Bank of New York Mellon Corp boosted its position in First Watch Restaurant Group by 2.7% during the fourth quarter. Bank of New York Mellon Corp now owns 78,621 shares of the company's stock worth $1,463,000 after purchasing an additional 2,033 shares in the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in First Watch Restaurant Group in the fourth quarter valued at $51,000. Finally, Wells Fargo & Company MN increased its position in shares of First Watch Restaurant Group by 3.6% in the fourth quarter. Wells Fargo & Company MN now owns 98,866 shares of the company's stock valued at $1,840,000 after buying an additional 3,405 shares in the last quarter. 96.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on FWRG shares. Stephens reissued an "overweight" rating and issued a $24.00 price objective on shares of First Watch Restaurant Group in a research note on Thursday, March 20th. Barclays reaffirmed an "overweight" rating and issued a $21.00 target price (down previously from $24.00) on shares of First Watch Restaurant Group in a research note on Tuesday, March 11th. Sanford C. Bernstein set a $21.00 price target on First Watch Restaurant Group in a research report on Tuesday, March 11th. TD Cowen raised First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 price target for the company in a report on Tuesday, April 1st. Finally, Bank of America lifted their price objective on First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a "buy" rating in a research report on Wednesday, March 12th. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $22.45.

Insider Activity

In other First Watch Restaurant Group news, CEO Christopher Anthony Tomasso sold 42,039 shares of the firm's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $706,675.59. Following the transaction, the chief executive officer now directly owns 389,832 shares of the company's stock, valued at $6,553,075.92. This trade represents a 9.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the company's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $96,539.83. Following the completion of the sale, the insider now directly owns 37,768 shares of the company's stock, valued at $634,880.08. The trade was a 13.20 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 5.00% of the company's stock.

First Watch Restaurant Group Trading Up 4.6 %

Shares of FWRG stock traded up $0.86 during trading hours on Friday, hitting $19.59. 912,917 shares of the company were exchanged, compared to its average volume of 670,887. First Watch Restaurant Group, Inc. has a 1 year low of $12.90 and a 1 year high of $25.98. The firm has a fifty day moving average of $18.38 and a 200 day moving average of $18.36. The firm has a market cap of $1.19 billion, a PE ratio of 59.37, a PEG ratio of 3.38 and a beta of 1.02. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced its quarterly earnings results on Tuesday, March 11th. The company reported $0.01 earnings per share for the quarter, missing analysts' consensus estimates of $0.02 by ($0.01). First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The company had revenue of $263.30 million during the quarter, compared to analyst estimates of $262.82 million. During the same quarter last year, the business earned $0.04 EPS. The firm's revenue for the quarter was up 7.6% compared to the same quarter last year. Analysts expect that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current year.

First Watch Restaurant Group 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.