Allspring Global Investments Holdings LLC Has $11.88 Million Stock Holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Allspring Global Investments Holdings LLC lowered its position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 23.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 591,207 shares of the company’s stock after selling 180,620 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in First Watch Restaurant Group were worth $11,883,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in FWRG. Captrust Financial Advisors increased its holdings in shares of First Watch Restaurant Group by 170.4% during the second quarter. Captrust Financial Advisors now owns 2,028 shares of the company’s stock worth $29,000 after buying an additional 1,278 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new stake in First Watch Restaurant Group during the 3rd quarter worth approximately $35,000. Lazard Asset Management LLC grew its position in First Watch Restaurant Group by 117.8% during the 3rd quarter. Lazard Asset Management LLC now owns 2,047 shares of the company’s stock worth $35,000 after acquiring an additional 1,107 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in First Watch Restaurant Group by 3,232.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,233 shares of the company’s stock valued at $39,000 after purchasing an additional 2,166 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its position in First Watch Restaurant Group by 355.7% in the 3rd quarter. Tower Research Capital LLC TRC now owns 2,274 shares of the company’s stock valued at $32,000 after purchasing an additional 1,775 shares during the last quarter. 96.11% of the stock is owned by institutional investors.

First Watch Restaurant Group Stock Performance

Shares of NASDAQ:FWRG opened at $22.66 on Tuesday. The company has a current ratio of 0.62, a quick ratio of 0.57 and a debt-to-equity ratio of 0.21. First Watch Restaurant Group, Inc. has a 1-year low of $14.34 and a 1-year high of $25.88. The stock has a market capitalization of $1.37 billion, a P/E ratio of 55.27, a P/E/G ratio of 2.10 and a beta of 1.12. The business has a 50-day moving average price of $24.00 and a two-hundred day moving average price of $20.54.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings results on Tuesday, March 5th. The company reported $0.04 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.04. First Watch Restaurant Group had a net margin of 2.85% and a return on equity of 4.62%. The business had revenue of $244.60 million during the quarter, compared to the consensus estimate of $237.20 million. During the same period in the previous year, the firm posted ($0.01) earnings per share. First Watch Restaurant Group’s revenue for the quarter was up 31.7% compared to the same quarter last year. Equities analysts predict that First Watch Restaurant Group, Inc. will post 0.46 earnings per share for the current year.

Insider Buying and Selling at First Watch Restaurant Group

In other news, Director William A. Kussell sold 15,000 shares of the firm’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $20.53, for a total value of $307,950.00. Following the transaction, the director now directly owns 20,795 shares in the company, valued at approximately $426,921.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director William A. Kussell sold 15,000 shares of the company’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $20.53, for a total value of $307,950.00. Following the completion of the sale, the director now directly owns 20,795 shares of the company’s stock, valued at approximately $426,921.35. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Eric Richard Hartman sold 1,474 shares of First Watch Restaurant Group stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $25.03, for a total transaction of $36,894.22. Following the transaction, the insider now directly owns 51,417 shares in the company, valued at approximately $1,286,967.51. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,091,741 shares of company stock worth $170,160,841. Insiders own 4.50% of the company’s stock.

Wall Street Analyst Weigh In

FWRG has been the topic of several research analyst reports. Raymond James increased their target price on First Watch Restaurant Group from $23.00 to $25.00 and gave the stock a “strong-buy” rating in a report on Thursday, January 25th. TD Cowen reissued a “hold” rating and set a $26.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, April 10th. Stifel Nicolaus raised their price objective on shares of First Watch Restaurant Group from $20.00 to $22.00 and gave the company a “hold” rating in a research report on Wednesday, March 6th. Barclays upped their target price on shares of First Watch Restaurant Group from $23.00 to $29.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 6th. Finally, Citigroup increased their price target on shares of First Watch Restaurant Group from $24.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, First Watch Restaurant Group currently has an average rating of “Moderate Buy” and a consensus price target of $26.00.

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.