Geode Capital Management LLC Raises Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Geode Capital Management LLC grew its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 12.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 862,073 shares of the company’s stock after buying an additional 92,465 shares during the period. Geode Capital Management LLC owned 1.42% of First Watch Restaurant Group worth $16,047,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of FWRG. B. Metzler seel. Sohn & Co. AG increased its stake in shares of First Watch Restaurant Group by 45.6% during the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 146,097 shares of the company’s stock worth $2,719,000 after acquiring an additional 45,730 shares during the period. Alliancebernstein L.P. boosted its position in shares of First Watch Restaurant Group by 14.0% in the fourth quarter. Alliancebernstein L.P. now owns 28,060 shares of the company’s stock worth $522,000 after acquiring an additional 3,450 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of First Watch Restaurant Group by 4.2% in the 4th quarter. Wellington Management Group LLP now owns 847,870 shares of the company’s stock worth $15,779,000 after purchasing an additional 34,200 shares during the period. Clearbridge Investments LLC purchased a new stake in First Watch Restaurant Group during the 4th quarter worth $12,732,000. Finally, JPMorgan Chase & Co. boosted its position in shares of First Watch Restaurant Group by 7.8% in the fourth quarter. JPMorgan Chase & Co. now owns 2,141,209 shares of the company’s stock worth $39,848,000 after buying an additional 154,784 shares during the period. Institutional investors and hedge funds own 96.11% of the company’s stock.

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. First Watch Restaurant Group, Inc. has a 12-month low of $12.90 and a 12-month high of $25.98. The business’s 50 day moving average is $18.37 and its 200-day moving average is $18.44. The stock has a market cap of $1.19 billion, a P/E ratio of 59.37, a P/E/G ratio of 3.38 and a beta of 1.02.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings data on Tuesday, March 11th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.02 by ($0.01). First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The company had revenue of $263.30 million during the quarter, compared to the consensus estimate of $262.82 million. During the same period in the previous year, the company earned $0.04 EPS. First Watch Restaurant Group’s revenue for the quarter was up 7.6% on a year-over-year basis. Equities research analysts predict that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on FWRG shares. Bank of America upped their target price on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, March 12th. Barclays reiterated an “overweight” rating and set a $21.00 price target (down from $24.00) on shares of First Watch Restaurant Group in a research report on Tuesday, March 11th. Stephens reiterated an “overweight” rating and issued a $24.00 price target on shares of First Watch Restaurant Group in a research report on Thursday, March 20th. TD Securities raised shares of First Watch Restaurant Group from a “hold” rating to a “buy” rating and boosted their price objective for the company from $21.00 to $22.00 in a research report on Tuesday, April 1st. Finally, Benchmark reiterated a “buy” rating on shares of First Watch Restaurant Group in a report on Wednesday, March 12th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $22.45.

Insider Transactions at First Watch Restaurant Group

In other First Watch Restaurant Group news, CEO Christopher Anthony Tomasso sold 42,039 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $706,675.59. Following the transaction, the chief executive officer now owns 389,832 shares in the company, valued at approximately $6,553,075.92. This represents a 9.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total transaction of $96,539.83. Following the completion of the sale, the insider now owns 37,768 shares in the company, valued at $634,880.08. This represents a 13.20 % decrease in their position. The disclosure for this sale can be found here. 5.00% of the stock is owned by corporate 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.