Raymond James Financial Inc. Invests $1.67 Million in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Raymond James Financial Inc. purchased a new position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 89,969 shares of the company's stock, valued at approximately $1,674,000. Raymond James Financial Inc. owned about 0.15% of First Watch Restaurant Group as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Jane Street Group LLC lifted its position in First Watch Restaurant Group by 1.1% during the 3rd quarter. Jane Street Group LLC now owns 49,358 shares of the company's stock worth $770,000 after buying an additional 551 shares in the last quarter. Assetmark Inc. increased its position in shares of First Watch Restaurant Group by 68.7% in the fourth quarter. Assetmark Inc. now owns 2,455 shares of the company's stock valued at $46,000 after acquiring an additional 1,000 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in First Watch Restaurant Group by 2.7% during the fourth quarter. Bank of New York Mellon Corp now owns 78,621 shares of the company's stock worth $1,463,000 after acquiring an additional 2,033 shares in the last quarter. Venturi Wealth Management LLC acquired a new position in First Watch Restaurant Group during the fourth quarter valued at approximately $81,000. Finally, SRH Advisors LLC boosted its position in First Watch Restaurant Group by 84.3% during the fourth quarter. SRH Advisors LLC now owns 12,185 shares of the company's stock valued at $227,000 after purchasing an additional 5,575 shares during the last quarter. 96.11% of the stock is owned by institutional investors.

Insider Buying and Selling

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 transaction of $706,675.59. Following the completion of the sale, the chief executive officer now directly owns 389,832 shares in the company, valued at approximately $6,553,075.92. This represents a 9.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the business's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total value of $96,539.83. Following the completion of the transaction, the insider now directly owns 37,768 shares of the company's stock, valued at approximately $634,880.08. This trade represents a 13.20 % decrease in their position. The disclosure for this sale can be found here. 5.00% of the stock is owned by insiders.

First Watch Restaurant Group Stock Performance

First Watch Restaurant Group stock traded down $0.85 during trading hours on Friday, hitting $16.33. The company had a trading volume of 843,416 shares, compared to its average volume of 657,882. First Watch Restaurant Group, Inc. has a one year low of $12.90 and a one year high of $25.98. The firm has a market cap of $991.23 million, a PE ratio of 49.49, a PEG ratio of 3.38 and a beta of 1.02. The firm has a 50-day moving average of $19.21 and a 200 day moving average of $18.25. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51.

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 the consensus estimate 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 during the quarter, compared to the consensus estimate of $262.82 million. During the same quarter last year, the firm earned $0.04 earnings per share. The business's revenue for the quarter was up 7.6% compared to the same quarter last year. On average, sell-side analysts expect that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FWRG. Benchmark reiterated a "buy" rating on shares of First Watch Restaurant Group in a research note on Wednesday, March 12th. Stephens reaffirmed an "overweight" rating and set a $24.00 price target on shares of First Watch Restaurant Group in a research report on Thursday, March 20th. TD Securities raised shares of First Watch Restaurant Group from a "hold" rating to a "buy" rating and lifted their price objective for the company from $21.00 to $22.00 in a research report on Tuesday. Sanford C. Bernstein set a $21.00 target price on shares of First Watch Restaurant Group in a report on Tuesday, March 11th. Finally, TD Cowen upgraded shares of First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 target price for the company in a research note on Tuesday. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $22.45.

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.