Alliancebernstein L.P. Raises Stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Alliancebernstein L.P. increased its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 14.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,060 shares of the company’s stock after buying an additional 3,450 shares during the quarter. Alliancebernstein L.P.’s holdings in First Watch Restaurant Group were worth $522,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of First Watch Restaurant Group by 25.6% in the 4th quarter. Vanguard Group Inc. now owns 2,351,614 shares of the company’s stock valued at $43,764,000 after buying an additional 479,741 shares during the period. JPMorgan Chase & Co. raised its position in First Watch Restaurant Group by 7.8% during the fourth quarter. JPMorgan Chase & Co. now owns 2,141,209 shares of the company’s stock valued at $39,848,000 after acquiring an additional 154,784 shares in the last quarter. Franklin Resources Inc. lifted its holdings in First Watch Restaurant Group by 14.0% in the third quarter. Franklin Resources Inc. now owns 1,114,974 shares of the company’s stock valued at $16,022,000 after acquiring an additional 136,871 shares during the period. WCM Investment Management LLC boosted its position in First Watch Restaurant Group by 44.2% in the 4th quarter. WCM Investment Management LLC now owns 947,240 shares of the company’s stock worth $17,552,000 after purchasing an additional 290,173 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of First Watch Restaurant Group by 4.2% during the 4th quarter. Wellington Management Group LLP now owns 847,870 shares of the company’s stock valued at $15,779,000 after purchasing an additional 34,200 shares in the last quarter. 96.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on FWRG shares. TD Securities upgraded First Watch Restaurant Group from a “hold” rating to a “buy” rating and lifted their price target for the company from $21.00 to $22.00 in a research note on Tuesday, April 1st. Barclays reaffirmed an “overweight” rating and set a $21.00 target price (down from $24.00) on shares of First Watch Restaurant Group in a research note on Tuesday, March 11th. Sanford C. Bernstein set a $21.00 price target on shares of First Watch Restaurant Group in a report on Tuesday, March 11th. Bank of America increased their price objective on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, March 12th. Finally, Stephens reissued an “overweight” rating and set a $24.00 target price on shares of First Watch Restaurant Group in a research note on Thursday, March 20th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $22.45.

First Watch Restaurant Group Trading Up 4.6 %

Shares of First Watch Restaurant Group stock opened at $19.59 on Monday. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of 59.37, a price-to-earnings-growth ratio of 3.38 and a beta of 1.02. First Watch Restaurant Group, Inc. has a 52-week low of $12.90 and a 52-week high of $25.98. The company’s 50-day simple moving average is $18.37 and its 200-day simple moving average is $18.44.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings results on Tuesday, March 11th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.01). The company had revenue of $263.30 million for the quarter, compared to analyst estimates of $262.82 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the company earned $0.04 earnings per share. As a group, equities research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current year.

Insider Buying and Selling 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 sale, the insider now directly owns 37,768 shares in the company, valued at approximately $634,880.08. This represents a 13.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total value of $706,675.59. Following the completion of the sale, the chief executive officer now owns 389,832 shares of the company’s stock, 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. 5.00% of the stock is currently owned by insiders.

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.