Raymond James & Associates Purchases 28,578 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Raymond James & Associates raised its position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 250.6% in the second quarter, Holdings Channel reports. The firm owned 39,984 shares of the company’s stock after acquiring an additional 28,578 shares during the quarter. Raymond James & Associates’ holdings in First Watch Restaurant Group were worth $676,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of FWRG. Gilder Gagnon Howe & Co. LLC bought a new stake in First Watch Restaurant Group during the 1st quarter valued at about $5,901,000. Neuberger Berman Group LLC grew its stake in shares of First Watch Restaurant Group by 27.1% in the first quarter. Neuberger Berman Group LLC now owns 1,442,843 shares of the company’s stock worth $18,829,000 after acquiring an additional 307,925 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of First Watch Restaurant Group by 58.2% in the second quarter. Allspring Global Investments Holdings LLC now owns 649,052 shares of the company’s stock worth $10,969,000 after acquiring an additional 238,793 shares during the period. Wellington Management Group LLP bought a new stake in shares of First Watch Restaurant Group in the first quarter worth approximately $3,429,000. Finally, Bank of America Corp DE grew its stake in shares of First Watch Restaurant Group by 140.4% in the first quarter. Bank of America Corp DE now owns 291,417 shares of the company’s stock worth $4,680,000 after acquiring an additional 170,172 shares during the period. 96.11% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Barclays reduced their price target on shares of First Watch Restaurant Group from $23.00 to $20.00 and set an “overweight” rating for the company in a research note on Monday, October 23rd. Citigroup lifted their price target on shares of First Watch Restaurant Group from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Wednesday, July 26th. Raymond James boosted their target price on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the company a “strong-buy” rating in a research report on Thursday, November 2nd. TD Cowen restated a “market perform” rating and set a $20.00 target price (up from $19.00) on shares of First Watch Restaurant Group in a research report on Tuesday, August 1st. Finally, Piper Sandler started coverage on shares of First Watch Restaurant Group in a research report on Monday, July 17th. They set an “overweight” rating and a $22.00 target price for the company. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $20.43.

First Watch Restaurant Group Price Performance

Shares of NASDAQ:FWRG opened at $16.91 on Tuesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.78 and a quick ratio of 0.73. First Watch Restaurant Group, Inc. has a 1-year low of $12.75 and a 1-year high of $20.31. The company has a market capitalization of $1.01 billion, a P/E ratio of 46.97, a P/E/G ratio of 1.26 and a beta of 1.03. The firm’s 50 day simple moving average is $17.77 and its two-hundred day simple moving average is $17.65.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings results on Wednesday, November 1st. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.05. First Watch Restaurant Group had a net margin of 2.67% and a return on equity of 4.16%. The business had revenue of $219.20 million for the quarter, compared to the consensus estimate of $216.54 million. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. Research analysts expect that First Watch Restaurant Group, Inc. will post 0.37 EPS for the current fiscal year.

Insider Transactions at First Watch Restaurant Group

In other news, Director William A. Kussell sold 10,000 shares of the business’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $19.38, for a total value of $193,800.00. Following the transaction, the director now owns 40,795 shares of the company’s stock, valued at $790,607.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director William A. Kussell sold 10,000 shares of the business’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $19.38, for a total value of $193,800.00. Following the transaction, the director now owns 40,795 shares of the company’s stock, valued at $790,607.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Christopher Anthony Tomasso sold 40,000 shares of the business’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $17.10, for a total transaction of $684,000.00. Following the completion of the transaction, the chief executive officer now directly owns 332,850 shares in the company, valued at approximately $5,691,735. The disclosure for this sale can be found here. Insiders own 4.50% of the company’s stock.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc 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. The company was founded in 1983 and is headquartered in Bradenton, Florida.