KLP Kapitalforvaltning AS Acquires Shares of 16,400 First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

KLP Kapitalforvaltning AS bought a new stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 16,400 shares of the company's stock, valued at approximately $305,000.

Other large investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its stake in shares of First Watch Restaurant Group by 21.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 251,403 shares of the company's stock valued at $3,922,000 after purchasing an additional 45,119 shares during the period. FMR LLC lifted its stake in First Watch Restaurant Group by 9.5% in the third quarter. FMR LLC now owns 625,523 shares of the company's stock valued at $9,758,000 after buying an additional 54,282 shares during the period. Walleye Capital LLC bought a new position in First Watch Restaurant Group during the third quarter worth about $215,000. Point72 Asset Management L.P. bought a new position in First Watch Restaurant Group during the third quarter worth about $4,719,000. Finally, State Street Corp grew its position in shares of First Watch Restaurant Group by 13.6% during the 3rd quarter. State Street Corp now owns 664,310 shares of the company's stock worth $10,363,000 after buying an additional 79,744 shares during the period. 96.11% of the stock is currently owned by institutional investors and hedge funds.

First Watch Restaurant Group Stock Up 0.5 %

FWRG stock traded up $0.09 during mid-day trading on Friday, reaching $17.54. The company had a trading volume of 558,258 shares, compared to its average volume of 663,325. 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 market capitalization of $1.06 billion, a price-to-earnings ratio of 53.15, a PEG ratio of 3.38 and a beta of 1.02. 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 50 day simple moving average of $18.59 and a two-hundred day simple moving average of $18.29.

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Benchmark reissued a "buy" rating on shares of First Watch Restaurant Group in a research note on Wednesday, March 12th. TD Cowen upgraded shares of First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 target price on the stock in a report on Tuesday, April 1st. Bank of America boosted their price target on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the company 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 note on Tuesday, March 11th. Finally, TD Securities raised First Watch Restaurant Group from a "hold" rating to a "buy" rating and boosted their target price for the company from $21.00 to $22.00 in a research note on Tuesday, April 1st. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $22.45.

Insider Activity

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