Point72 Asset Management L.P. Buys Shares of 302,529 First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Point72 Asset Management L.P. purchased a new position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 302,529 shares of the company's stock, valued at approximately $4,719,000. Point72 Asset Management L.P. owned approximately 0.50% of First Watch Restaurant Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Rocky Mountain Advisers LLC raised its stake in shares of First Watch Restaurant Group by 180.1% in the third 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 during the last quarter. SG Americas Securities LLC purchased a new position in shares of First Watch Restaurant Group in the third quarter worth about $119,000. Versor Investments LP purchased a new position in shares of First Watch Restaurant Group in the third quarter worth about $201,000. Commerce Bank purchased a new position in shares of First Watch Restaurant Group in the third quarter worth about $208,000. Finally, Walleye Capital LLC purchased a new position in shares of First Watch Restaurant Group in the third quarter worth about $215,000. Institutional investors and hedge funds own 96.11% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FWRG. Benchmark reiterated a "buy" rating and set a $23.00 price target on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Guggenheim reduced their price target on 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. TD Cowen lifted their price target on 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. Barclays lifted 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. Finally, Piper Sandler lifted their price target on 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. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $23.30.

First Watch Restaurant Group Price Performance

Shares of First Watch Restaurant Group stock traded down $0.55 on Monday, reaching $18.78. The company's stock had a trading volume of 189,854 shares, compared to its average volume of 627,469. The company has a market capitalization of $1.14 billion, a P/E ratio of 58.58, a PEG ratio of 5.64 and a beta of 0.89. First Watch Restaurant Group, Inc. has a 52-week low of $12.90 and a 52-week high of $25.98. The stock has a 50-day moving average price of $17.20 and a 200-day moving average price of $16.89. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.02). The firm had revenue of $251.61 million during the quarter, compared to analyst estimates of $256.17 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The business's revenue was up 14.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.09 earnings per share. Analysts expect that First Watch Restaurant Group, Inc. will post 0.31 EPS for the current year.

Insider Transactions at First Watch Restaurant Group

In other First Watch Restaurant Group 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 transaction, the insider now owns 19,189,784 shares of the company's stock, valued at approximately $379,190,131.84. The trade was a 29.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 5.00% of the company's stock.

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.