First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Stake Lifted by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 85.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,807 shares of the company’s stock after buying an additional 4,512 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in First Watch Restaurant Group were worth $163,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of FWRG. American Century Companies Inc. bought a new position in shares of First Watch Restaurant Group in the fourth quarter worth $200,000. LPL Financial LLC bought a new position in shares of First Watch Restaurant Group in the fourth quarter worth $470,000. Vanguard Group Inc. grew its stake in shares of First Watch Restaurant Group by 25.6% in the fourth quarter. Vanguard Group Inc. now owns 2,351,614 shares of the company’s stock worth $43,764,000 after purchasing an additional 479,741 shares in the last quarter. Alliancebernstein L.P. grew its stake 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 purchasing an additional 3,450 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of First Watch Restaurant Group by 12.0% in the fourth quarter. Geode Capital Management LLC now owns 862,073 shares of the company’s stock worth $16,047,000 after purchasing an additional 92,465 shares in the last quarter. Institutional investors own 96.11% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on FWRG shares. Benchmark increased their price target on First Watch Restaurant Group from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Wednesday, August 6th. Barclays increased their price target on First Watch Restaurant Group from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, July 17th. TD Cowen raised their target price on First Watch Restaurant Group from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Tuesday, July 29th. Stifel Nicolaus set a $17.00 target price on First Watch Restaurant Group in a research note on Wednesday, May 7th. Finally, Raymond James Financial raised their target price on First Watch Restaurant Group from $21.00 to $22.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 17th. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, First Watch Restaurant Group presently has an average rating of “Buy” and a consensus target price of $21.09.

First Watch Restaurant Group Trading Down 0.7%

Shares of NASDAQ FWRG opened at $17.66 on Monday. First Watch Restaurant Group, Inc. has a 12 month low of $12.90 and a 12 month high of $22.71. The company has a market cap of $1.08 billion, a price-to-earnings ratio of 294.38, a P/E/G ratio of 6.28 and a beta of 0.91. The company has a quick ratio of 0.23, a current ratio of 0.27 and a debt-to-equity ratio of 0.42. The business has a fifty day simple moving average of $16.62 and a 200-day simple moving average of $17.75.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its earnings results on Tuesday, August 5th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.04). First Watch Restaurant Group had a net margin of 0.37% and a return on equity of 0.69%. The company had revenue of $307.89 million for the quarter, compared to analysts’ expectations of $304.94 million. During the same period in the prior year, the company earned $0.14 earnings per share. The company’s revenue for the quarter was up 19.1% on a year-over-year basis. Sell-side analysts predict that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current year.

Insider Activity at First Watch Restaurant Group

In other news, major shareholder International L.P. Advent sold 4,500,000 shares of the company’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $14.70, for a total transaction of $66,150,000.00. Following the completion of the sale, the insider directly owned 14,689,784 shares of the company’s stock, valued at $215,939,824.80. This represents a 23.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 6.00% of the stock is currently owned by corporate insiders.

About First Watch Restaurant Group

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.