First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Position Raised by WCM Investment Management LLC

WCM Investment Management LLC lifted its position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 44.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 947,240 shares of the company’s stock after acquiring an additional 290,173 shares during the period. WCM Investment Management LLC owned 1.56% of First Watch Restaurant Group worth $17,552,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Mutual of America Capital Management LLC acquired a new position in First Watch Restaurant Group during the 3rd quarter valued at about $5,757,000. JPMorgan Chase & Co. boosted 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 buying an additional 366,227 shares during the period. ArrowMark Colorado Holdings LLC bought a new position in First Watch Restaurant Group in the 3rd quarter worth approximately $5,120,000. Point72 Asset Management L.P. acquired a new stake in First Watch Restaurant Group in the 3rd quarter valued at approximately $4,719,000. Finally, The Manufacturers Life Insurance Company raised its stake in First Watch Restaurant Group by 14.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,533,290 shares of the company’s stock valued at $23,919,000 after acquiring an additional 192,471 shares in the last quarter. Institutional investors and hedge funds own 96.11% of the company’s stock.

Insider Transactions at First Watch Restaurant Group

In other news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $19.76, for a total transaction of $158,080,000.00. Following the sale, the insider now owns 19,189,784 shares in the company, valued at $379,190,131.84. The trade was a 29.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.00% of the stock is owned by insiders.

First Watch Restaurant Group Stock Down 1.8 %

FWRG stock opened at $21.00 on Monday. The firm has a market cap of $1.27 billion, a PE ratio of 63.64, a P/E/G ratio of 3.50 and a beta of 0.91. First Watch Restaurant Group, Inc. has a 12 month low of $12.90 and a 12 month high of $25.98. 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 firm has a 50 day simple moving average of $19.45 and a 200 day simple moving average of $17.51.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). The company had revenue of $251.61 million for the quarter, compared to analyst estimates of $256.17 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. First Watch Restaurant Group’s revenue was up 14.8% on a year-over-year basis. During the same quarter last year, the company posted $0.09 EPS. Equities research analysts forecast that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on FWRG shares. Stephens reissued an “overweight” rating and issued a $25.00 price target on shares of First Watch Restaurant Group in a research note on Tuesday, January 28th. Barclays increased their target price on shares of 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. Raymond James boosted their price target on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the stock a “strong-buy” rating in a research report on Friday, November 8th. Benchmark reiterated a “buy” rating and issued a $23.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, October 16th. Finally, Piper Sandler boosted their target price on First Watch Restaurant Group from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, First Watch Restaurant Group presently has an average rating of “Moderate Buy” and an average price target of $23.30.

First Watch Restaurant Group 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.