Bank of America Corp DE Sells 105,730 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Bank of America Corp DE trimmed its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 15.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 581,598 shares of the company's stock after selling 105,730 shares during the quarter. Bank of America Corp DE owned about 0.96% of First Watch Restaurant Group worth $10,824,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of FWRG. Barclays PLC grew its position in shares of First Watch Restaurant Group by 505.3% in the third quarter. Barclays PLC now owns 172,515 shares of the company's stock valued at $2,690,000 after purchasing an additional 144,014 shares during the last quarter. SG Americas Securities LLC boosted its stake in First Watch Restaurant Group by 98.9% in the 4th quarter. SG Americas Securities LLC now owns 15,177 shares of the company's stock valued at $282,000 after purchasing an additional 7,547 shares during the period. WCM Investment Management LLC grew its holdings 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 valued at $17,552,000 after buying an additional 290,173 shares in the last quarter. Stephens Investment Management Group LLC increased its position in First Watch Restaurant Group by 37.7% during the 4th quarter. Stephens Investment Management Group LLC now owns 693,359 shares of the company's stock worth $12,903,000 after buying an additional 189,681 shares during the period. Finally, SRH Advisors LLC lifted its holdings in shares of First Watch Restaurant Group by 84.3% during the fourth quarter. SRH Advisors LLC now owns 12,185 shares of the company's stock worth $227,000 after buying an additional 5,575 shares in the last quarter. 96.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity 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 dated Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $706,675.59. Following the completion of the transaction, the chief executive officer now directly owns 389,832 shares in the company, valued at approximately $6,553,075.92. This trade represents a 9.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total value of $96,539.83. Following the completion of the transaction, the insider now directly owns 37,768 shares of the company's stock, valued at $634,880.08. This represents a 13.20% decrease in their position. The disclosure for this sale can be found here. 6.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on FWRG shares. Sanford C. Bernstein set a $21.00 price target on shares of First Watch Restaurant Group in a research report on Tuesday, March 11th. Barclays lowered their target price on shares of First Watch Restaurant Group from $24.00 to $20.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Raymond James reiterated a "strong-buy" rating and issued a $21.00 price target (down from $25.00) on shares of First Watch Restaurant Group in a research note on Wednesday, May 7th. Benchmark lowered their price objective on First Watch Restaurant Group from $26.00 to $22.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Finally, Bank of America lifted their price objective on First Watch Restaurant Group from $27.00 to $28.00 and gave the company a "buy" rating in a report on Wednesday, March 12th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $21.36.

First Watch Restaurant Group Price Performance

Shares of FWRG traded down $0.21 during midday trading on Thursday, hitting $15.60. The company's stock had a trading volume of 445,228 shares, compared to its average volume of 711,299. 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 one year low of $12.90 and a one year high of $22.71. The stock has a market capitalization of $951.49 million, a price-to-earnings ratio of 47.27, a price-to-earnings-growth ratio of 3.38 and a beta of 1.01. The company's fifty day simple moving average is $17.36 and its two-hundred day simple moving average is $18.57.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.04 by ($0.05). First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The business had revenue of $282.24 million during the quarter, compared to the consensus estimate of $282.98 million. During the same quarter in the prior year, the firm earned $0.12 EPS. The business's revenue was up 16.4% on a year-over-year basis. As a group, equities analysts expect that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal year.

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.