Clearbridge Investments LLC Takes Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Clearbridge Investments LLC bought a new stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 684,155 shares of the company's stock, valued at approximately $12,732,000. Clearbridge Investments LLC owned approximately 1.13% of First Watch Restaurant Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of FWRG. Vanguard Group Inc. grew its stake in shares of First Watch Restaurant Group by 25.6% during the 4th quarter. Vanguard Group Inc. now owns 2,351,614 shares of the company's stock valued at $43,764,000 after acquiring an additional 479,741 shares during the period. JPMorgan Chase & Co. lifted its holdings in First Watch Restaurant Group by 22.6% during the third quarter. JPMorgan Chase & Co. now owns 1,986,425 shares of the company's stock valued at $30,988,000 after purchasing an additional 366,227 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of First Watch Restaurant Group in the third quarter worth approximately $4,719,000. WCM Investment Management LLC increased its stake in shares of First Watch Restaurant Group by 44.2% in the fourth quarter. WCM Investment Management LLC now owns 947,240 shares of the company's stock worth $17,552,000 after purchasing an additional 290,173 shares in the last quarter. Finally, Stephens Investment Management Group LLC raised its position in shares of First Watch Restaurant Group by 37.7% during the 4th quarter. Stephens Investment Management Group LLC now owns 693,359 shares of the company's stock valued at $12,903,000 after purchasing an additional 189,681 shares during the period. Institutional investors own 96.11% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Sanford C. Bernstein set a $21.00 price target on First Watch Restaurant Group in a research note on Tuesday, March 11th. Benchmark reissued a "buy" rating on shares of First Watch Restaurant Group in a research note on Wednesday, March 12th. TD Cowen raised shares of First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 price objective for the company in a report on Tuesday, April 1st. TD Securities raised shares of First Watch Restaurant Group from a "hold" rating to a "buy" rating and boosted their target price for the stock from $21.00 to $22.00 in a report on Tuesday, April 1st. Finally, Stephens restated an "overweight" rating and set a $24.00 target price on shares of First Watch Restaurant Group in a research report on Thursday, March 20th. One investment 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 company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $22.45.

Insiders Place Their Bets

In other First Watch Restaurant Group news, insider Jay Anthony Wolszczak sold 5,743 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total transaction of $96,539.83. Following the completion of the transaction, the insider now owns 37,768 shares in the company, valued at $634,880.08. The trade was a 13.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $706,675.59. Following the completion of the sale, the chief executive officer now owns 389,832 shares in the company, valued at approximately $6,553,075.92. The trade was a 9.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.00% of the stock is owned by insiders.

First Watch Restaurant Group Price Performance

Shares of First Watch Restaurant Group stock traded down $0.19 during trading hours on Monday, reaching $16.14. The company's stock had a trading volume of 901,586 shares, compared to its average volume of 658,853. The firm has a 50 day moving average price of $19.12 and a 200-day moving average price of $18.28. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51. The stock has a market cap of $979.70 million, a P/E ratio of 48.91, a P/E/G ratio of 3.38 and a beta of 1.02. First Watch Restaurant Group, Inc. has a one year low of $12.90 and a one year high of $25.98.

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