Charles Schwab Investment Management Inc. Boosts Stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Charles Schwab Investment Management Inc. lifted its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 23.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 309,851 shares of the company's stock after buying an additional 58,448 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.51% of First Watch Restaurant Group worth $5,766,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. increased its position in shares of First Watch Restaurant Group by 22.6% in the third quarter. JPMorgan Chase & Co. now owns 1,986,425 shares of the company's stock valued at $30,988,000 after buying an additional 366,227 shares in the last quarter. ArrowMark Colorado Holdings LLC acquired a new position in shares of First Watch Restaurant Group during the 3rd quarter worth approximately $5,120,000. Point72 Asset Management L.P. acquired a new position in First Watch Restaurant Group during the third quarter worth $4,719,000. WCM Investment Management LLC boosted its position in shares of First Watch Restaurant Group by 44.2% during the 4th quarter. WCM Investment Management LLC now owns 947,240 shares of the company's stock valued at $17,552,000 after acquiring an additional 290,173 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of First Watch Restaurant Group by 14.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,533,290 shares of the company's stock valued at $23,919,000 after buying an additional 192,471 shares during the period. Institutional investors and hedge funds own 96.11% of the company's stock.

Insiders Place Their Bets

In other First Watch Restaurant Group news, CEO Christopher Anthony Tomasso sold 42,039 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total transaction of $706,675.59. Following the transaction, the chief executive officer now 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 accessible 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 sale, the insider now owns 37,768 shares of the company's stock, valued at $634,880.08. This represents a 13.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.00% of the stock is currently owned by company insiders.

First Watch Restaurant Group Stock Performance

First Watch Restaurant Group stock traded down $0.51 during trading hours on Friday, reaching $16.86. 459,385 shares of the stock were exchanged, compared to its average volume of 659,953. The stock has a market cap of $1.02 billion, a P/E ratio of 51.09, a P/E/G ratio of 3.38 and a beta of 0.91. First Watch Restaurant Group, Inc. has a 52-week low of $12.90 and a 52-week high of $25.98. The firm's 50 day moving average is $19.38 and its 200 day moving average is $18.15. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54.

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

Wall Street Analyst Weigh In

FWRG has been the topic of a number of research analyst reports. Stephens reissued an "overweight" rating and issued a $24.00 price target on shares of First Watch Restaurant Group in a research note on Thursday, March 20th. TD Securities restated a "hold" rating and set a $21.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, March 12th. Bank of America boosted their price target on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a "buy" rating in a report on Wednesday, March 12th. Sanford C. Bernstein set a $21.00 price objective on First Watch Restaurant Group in a research report on Tuesday, March 11th. Finally, Benchmark restated a "buy" rating on shares of First Watch Restaurant Group in a research report on Wednesday, March 12th. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $22.27.

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.