Pamalican Asset Management Ltd Buys New Shares in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Pamalican Asset Management Ltd purchased a new position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 48,896 shares of the company's stock, valued at approximately $910,000. Pamalican Asset Management Ltd owned approximately 0.08% of First Watch Restaurant Group at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of FWRG. Arizona State Retirement System bought a new stake in First Watch Restaurant Group in the fourth quarter worth $228,000. Barclays PLC lifted its position in shares of First Watch Restaurant Group by 505.3% in the 3rd quarter. Barclays PLC now owns 172,515 shares of the company's stock worth $2,690,000 after purchasing an additional 144,014 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of First Watch Restaurant Group by 9.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 576,890 shares of the company's stock worth $10,736,000 after purchasing an additional 49,826 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of First Watch Restaurant Group by 22.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,986,425 shares of the company's stock worth $30,988,000 after buying an additional 366,227 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of First Watch Restaurant Group by 13.5% during the third quarter. Geode Capital Management LLC now owns 769,608 shares of the company's stock worth $12,008,000 after purchasing an additional 91,416 shares in the last quarter. 96.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Stephens reaffirmed an "overweight" rating and issued a $24.00 price target on shares of First Watch Restaurant Group in a report on Thursday, March 20th. 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. Barclays reiterated an "overweight" rating and issued a $21.00 target price (down from $24.00) on shares of First Watch Restaurant Group in a report on Tuesday, March 11th. Sanford C. Bernstein set a $21.00 price objective on shares of First Watch Restaurant Group in a report on Tuesday, March 11th. Finally, Benchmark reissued a "buy" rating on shares of First Watch Restaurant Group in a research report on Wednesday, March 12th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, First Watch Restaurant Group has an average rating of "Buy" and a consensus price target of $22.45.

Insider Activity

In other news, CEO Christopher Anthony Tomasso sold 42,039 shares of the company's stock in a transaction 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 sale, the chief executive officer now directly owns 389,832 shares in the company, valued at $6,553,075.92. This represents a 9.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $96,539.83. Following the transaction, the insider now directly owns 37,768 shares in the company, valued at approximately $634,880.08. This represents a 13.20 % decrease in their position. The disclosure for this sale can be found here. Insiders own 5.00% of the company's stock.

First Watch Restaurant Group Stock Up 9.8 %

NASDAQ:FWRG traded up $1.50 during midday trading on Wednesday, hitting $16.76. 277,010 shares of the company were exchanged, compared to its average volume of 658,346. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. 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 market capitalization of $1.02 billion, a PE ratio of 49.32, a price-to-earnings-growth ratio of 3.38 and a beta of 1.02. The company has a fifty day simple moving average of $18.88 and a 200 day simple moving average of $18.26.

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

First Watch Restaurant Group Company 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.