Geode Capital Management LLC Grows Stock Holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Geode Capital Management LLC increased its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 13.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 769,608 shares of the company's stock after acquiring an additional 91,416 shares during the period. Geode Capital Management LLC owned approximately 1.27% of First Watch Restaurant Group worth $12,008,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FWRG. Bank of New York Mellon Corp lifted its position in shares of First Watch Restaurant Group by 44.3% during the second quarter. Bank of New York Mellon Corp now owns 103,935 shares of the company's stock worth $1,825,000 after purchasing an additional 31,907 shares in the last quarter. Rhumbline Advisers grew its stake in shares of First Watch Restaurant Group by 25.0% in the second quarter. Rhumbline Advisers now owns 38,106 shares of the company's stock worth $669,000 after acquiring an additional 7,631 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of First Watch Restaurant Group by 163.9% during the second quarter. Victory Capital Management Inc. now owns 59,361 shares of the company's stock worth $1,042,000 after acquiring an additional 36,870 shares during the period. Rice Hall James & Associates LLC acquired a new stake in shares of First Watch Restaurant Group in the second quarter valued at $584,000. Finally, Nicholas Investment Partners LP purchased a new position in First Watch Restaurant Group in the second quarter valued at $3,391,000. 96.11% of the stock is owned by institutional investors and hedge funds.

First Watch Restaurant Group Stock Performance

Shares of NASDAQ:FWRG traded up $0.08 during trading on Wednesday, reaching $18.61. The company had a trading volume of 458,997 shares, compared to its average volume of 621,461. The stock's fifty day moving average price is $18.61 and its 200 day moving average price is $16.91. First Watch Restaurant Group, Inc. has a fifty-two week low of $12.90 and a fifty-two week high of $25.98. 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 firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of 56.40, 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 posted its quarterly 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). The firm had revenue of $251.61 million for the quarter, compared to analysts' expectations of $256.17 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The company's revenue for the quarter was up 14.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.09 earnings per share. As a group, equities research analysts predict that First Watch Restaurant Group, Inc. will post 0.31 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on FWRG shares. Benchmark reiterated a "buy" rating and issued a $23.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, October 16th. TD Cowen increased their price objective on shares of First Watch Restaurant Group from $18.00 to $21.00 and gave the company a "hold" rating in a research report on Friday, November 8th. Guggenheim decreased their price objective on shares of 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. Raymond James increased their target price on First Watch Restaurant Group from $22.00 to $25.00 and gave the company a "strong-buy" rating in a report on Friday, November 8th. Finally, Piper Sandler increased their price objective on First Watch Restaurant Group from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Monday, November 11th. Two equities research 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.30.

Insider Buying and Selling at First Watch Restaurant Group

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

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.