JPMorgan Chase & Co. Increases Stock Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

JPMorgan Chase & Co. increased its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 22.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,986,425 shares of the company's stock after acquiring an additional 366,227 shares during the quarter. JPMorgan Chase & Co. owned approximately 3.28% of First Watch Restaurant Group worth $30,988,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Rocky Mountain Advisers LLC lifted its holdings in shares of First Watch Restaurant Group by 180.1% in the 3rd quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company's stock worth $103,000 after purchasing an additional 4,250 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of First Watch Restaurant Group during the third quarter valued at about $119,000. XTX Topco Ltd bought a new stake in shares of First Watch Restaurant Group during the third quarter worth about $157,000. Versor Investments LP bought a new stake in shares of First Watch Restaurant Group during the third quarter worth about $201,000. Finally, Commerce Bank bought a new position in First Watch Restaurant Group in the 3rd quarter valued at about $208,000. 96.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at First Watch Restaurant Group

In related news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the business's stock in a transaction 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 sale, the insider now directly owns 19,189,784 shares in the company, valued at approximately $379,190,131.84. The trade was a 29.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 5.00% of the company's stock.

Analyst Upgrades and Downgrades

FWRG has been the subject of a number of recent research reports. Raymond James boosted their price objective on First Watch Restaurant Group from $22.00 to $25.00 and gave the stock a "strong-buy" rating in a report on Friday, November 8th. Barclays increased their price target on First Watch Restaurant Group from $18.00 to $22.00 and gave the company an "overweight" rating in a research report on Friday, November 8th. Guggenheim reduced their target price on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a "buy" rating for the company in a research note on Friday, October 4th. Piper Sandler raised their price target on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Monday, November 11th. Finally, Stephens upped their price objective on shares of 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. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $23.30.

First Watch Restaurant Group Stock Performance

Shares of FWRG stock traded up $0.24 during trading hours on Tuesday, hitting $19.71. 466,549 shares of the company were exchanged, compared to its average volume of 456,612. First Watch Restaurant Group, Inc. has a 52-week low of $12.90 and a 52-week 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 firm has a fifty day simple moving average of $18.84 and a 200 day simple moving average of $16.94. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of 59.73, a P/E/G ratio of 5.68 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 (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.02). First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The firm had revenue of $251.61 million during the quarter, compared to the consensus estimate of $256.17 million. During the same quarter in the previous year, the firm earned $0.09 earnings per share. The business's quarterly revenue was up 14.8% compared to the same quarter last year. Research analysts predict that First Watch Restaurant Group, Inc. will post 0.31 earnings per share 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.