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

Charles Schwab Investment Management Inc. raised its position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 21.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 251,403 shares of the company's stock after buying an additional 45,119 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.42% of First Watch Restaurant Group worth $3,922,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Deepwater Asset Management LLC raised its stake in shares of First Watch Restaurant Group by 68.5% in the second quarter. Deepwater Asset Management LLC now owns 695,649 shares of the company's stock valued at $12,216,000 after buying an additional 282,765 shares during the period. Nicholas Investment Partners LP bought a new stake in shares of First Watch Restaurant Group in the second quarter valued at $3,391,000. Mutual of America Capital Management LLC bought a new stake in shares of First Watch Restaurant Group during the 3rd quarter valued at $5,757,000. Schwartz Investment Counsel Inc. raised its stake in shares of First Watch Restaurant Group by 24.0% during the 2nd quarter. Schwartz Investment Counsel Inc. now owns 102,306 shares of the company's stock valued at $1,796,000 after purchasing an additional 19,782 shares during the period. Finally, Raymond James & Associates raised its stake in shares of First Watch Restaurant Group by 26.1% during the 3rd quarter. Raymond James & Associates now owns 285,007 shares of the company's stock valued at $4,446,000 after purchasing an additional 58,994 shares during the period. 96.11% of the stock is currently owned by institutional investors.

Insider Buying and Selling at First Watch Restaurant Group

In other First Watch Restaurant Group news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the company's stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $19.76, for a total transaction of $158,080,000.00. Following the completion of the transaction, the insider now owns 19,189,784 shares of the company's stock, valued at $379,190,131.84. This represents a 29.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 5.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Benchmark reiterated a "buy" rating and set a $23.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, October 16th. Raymond James boosted their price objective on First Watch Restaurant Group from $22.00 to $25.00 and gave the company a "strong-buy" rating in a research note on Friday, November 8th. Piper Sandler boosted their target price on First Watch Restaurant Group from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Monday, November 11th. Stephens boosted their target price on First Watch Restaurant Group from $20.00 to $25.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. Finally, Guggenheim reduced their target price on First Watch Restaurant Group from $24.00 to $20.00 and set a "buy" rating for the company in a research report on Friday, October 4th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, First Watch Restaurant Group currently has an average rating of "Moderate Buy" and a consensus price target of $23.30.

First Watch Restaurant Group Price Performance

Shares of FWRG traded up $0.04 during midday trading on Friday, reaching $19.49. The stock had a trading volume of 353,265 shares, compared to its average volume of 627,762. The company's 50-day moving average is $17.67 and its 200 day moving average is $16.89. First Watch Restaurant Group, Inc. has a 12-month low of $12.90 and a 12-month high of $25.98. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 59.06, a price-to-earnings-growth ratio of 5.77 and a beta of 0.89.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its earnings results on Thursday, November 7th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.02). The company had revenue of $251.61 million for the quarter, compared to analysts' expectations of $256.17 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The company's revenue was up 14.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.09 earnings per share. On average, equities analysts predict that First Watch Restaurant Group, Inc. will post 0.31 EPS for the current fiscal 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.