Wasatch Advisors LP Makes New Investment in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Wasatch Advisors LP acquired a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 470,989 shares of the company's stock, valued at approximately $8,765,000. Wasatch Advisors LP owned about 0.78% of First Watch Restaurant Group at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Clearbridge Investments LLC bought a new stake in First Watch Restaurant Group in the fourth quarter worth about $12,732,000. Vanguard Group Inc. increased its stake in First Watch Restaurant Group by 25.6% in the fourth quarter. Vanguard Group Inc. now owns 2,351,614 shares of the company's stock worth $43,764,000 after purchasing an additional 479,741 shares during the period. JPMorgan Chase & Co. lifted its position in shares of First Watch Restaurant Group by 22.6% during the third quarter. JPMorgan Chase & Co. now owns 1,986,425 shares of the company's stock worth $30,988,000 after purchasing an additional 366,227 shares during the last quarter. 12 West Capital Management LP grew its holdings in shares of First Watch Restaurant Group by 20.2% in the fourth quarter. 12 West Capital Management LP now owns 2,013,406 shares of the company's stock worth $37,469,000 after purchasing an additional 337,920 shares during the last quarter. Finally, WCM Investment Management LLC lifted its holdings in First Watch Restaurant Group by 44.2% during the 4th quarter. WCM Investment Management LLC now owns 947,240 shares of the company's stock valued at $17,552,000 after buying an additional 290,173 shares in the last quarter. Hedge funds and other institutional investors own 96.11% of the company's stock.

Insider Transactions at First Watch Restaurant Group

In related news, 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 completion of the transaction, the insider now directly owns 37,768 shares of the company's stock, valued at approximately $634,880.08. This represents a 13.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of First Watch Restaurant Group 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 sale, the chief executive officer now directly owns 389,832 shares in the company, 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. Corporate insiders own 5.00% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. TD Cowen raised shares of First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 price target for the company in a research note on Tuesday, April 1st. Sanford C. Bernstein set a $21.00 price target on First Watch Restaurant Group in a research report on Tuesday, March 11th. TD Securities upgraded 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 report on Tuesday, April 1st. Bank of America increased their target price on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a "buy" rating in a report on Wednesday, March 12th. Finally, Stephens restated an "overweight" rating and issued a $24.00 price target on shares of First Watch Restaurant Group in a report on Thursday, March 20th. One 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $22.45.

First Watch Restaurant Group Stock Up 4.6 %

First Watch Restaurant Group stock traded up $0.86 during midday trading on Friday, reaching $19.59. The company's stock had a trading volume of 912,917 shares, compared to its average volume of 671,666. 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 market capitalization of $1.19 billion, a P/E ratio of 59.37, 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's 50-day simple moving average is $18.37 and its 200-day simple moving average is $18.41.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last posted 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). The company had revenue of $263.30 million during the quarter, compared to analysts' expectations of $262.82 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The company's quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.04 EPS. On average, sell-side analysts expect that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current 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.