Mesirow Institutional Investment Management Inc. Invests $15.51 Million in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Mesirow Institutional Investment Management Inc. purchased a new stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 833,188 shares of the company's stock, valued at approximately $15,506,000. First Watch Restaurant Group accounts for approximately 1.2% of Mesirow Institutional Investment Management Inc.'s investment portfolio, making the stock its 28th biggest holding. Mesirow Institutional Investment Management Inc. owned 1.38% of First Watch Restaurant Group as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Jane Street Group LLC boosted its holdings in shares of First Watch Restaurant Group by 1.1% in the third quarter. Jane Street Group LLC now owns 49,358 shares of the company's stock worth $770,000 after buying an additional 551 shares during the last quarter. Assetmark Inc. boosted its stake in shares of First Watch Restaurant Group by 68.7% during the 4th quarter. Assetmark Inc. now owns 2,455 shares of the company's stock worth $46,000 after acquiring an additional 1,000 shares during the last quarter. Mariner LLC grew its position in shares of First Watch Restaurant Group by 5.1% during the 4th quarter. Mariner LLC now owns 21,446 shares of the company's stock valued at $399,000 after acquiring an additional 1,033 shares during the period. Bank of New York Mellon Corp increased its stake in shares of First Watch Restaurant Group by 2.7% in the 4th quarter. Bank of New York Mellon Corp now owns 78,621 shares of the company's stock worth $1,463,000 after purchasing an additional 2,033 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. bought a new position in First Watch Restaurant Group in the 4th quarter worth $51,000. Hedge funds and other institutional investors own 96.11% of the company's stock.

Insider Activity at First Watch Restaurant Group

In other First Watch Restaurant Group news, insider Jay Anthony Wolszczak sold 5,743 shares of the company'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 sale, the insider now directly owns 37,768 shares in the company, valued at $634,880.08. This represents a 13.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of First Watch Restaurant Group 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 transaction, the chief executive officer now owns 389,832 shares of the company's stock, valued at approximately $6,553,075.92. This trade represents a 9.73 % decrease in their position. The disclosure for this sale can be found here. 5.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have issued reports on FWRG shares. TD Cowen raised First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 price target for the company in a report on Tuesday, April 1st. Stephens reiterated an "overweight" rating and set a $24.00 price objective on shares of First Watch Restaurant Group in a research note on Thursday. Sanford C. Bernstein set a $21.00 target price on shares of First Watch Restaurant Group in a research note on Tuesday, March 11th. Benchmark reaffirmed a "buy" rating on shares of First Watch Restaurant Group in a report on Wednesday, March 12th. Finally, TD Securities raised shares of First Watch Restaurant Group from a "hold" rating to a "buy" rating and increased their price objective for the stock from $21.00 to $22.00 in a research note on Tuesday, April 1st. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $22.73.

First Watch Restaurant Group Price Performance

Shares of FWRG traded down $0.63 during midday trading on Thursday, hitting $19.37. 1,205,157 shares of the company traded hands, compared to its average volume of 680,778. 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 debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54. The firm has a 50 day moving average of $18.36 and a 200-day moving average of $18.50. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of 58.70, a PEG ratio of 3.38 and a beta of 1.02.

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

About First Watch Restaurant Group

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.