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

Bank of America Corp DE lessened its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 15.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 581,598 shares of the company's stock after selling 105,730 shares during the quarter. Bank of America Corp DE owned 0.96% of First Watch Restaurant Group worth $10,824,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Assetmark Inc. increased its stake in First Watch Restaurant Group by 68.7% during the 4th quarter. Assetmark Inc. now owns 2,455 shares of the company's stock valued at $46,000 after purchasing an additional 1,000 shares in the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of First Watch Restaurant Group during the fourth quarter valued at approximately $51,000. Venturi Wealth Management LLC bought a new stake in shares of First Watch Restaurant Group during the fourth quarter valued at approximately $81,000. BNP Paribas Financial Markets bought a new stake in shares of First Watch Restaurant Group during the fourth quarter valued at approximately $86,000. Finally, Comerica Bank raised its holdings in First Watch Restaurant Group by 316.2% in the 4th quarter. Comerica Bank now owns 5,157 shares of the company's stock worth $96,000 after acquiring an additional 3,918 shares during the last quarter. Hedge funds and other institutional investors own 96.11% of the company's stock.

Wall Street Analysts Forecast Growth

FWRG has been the topic of several recent analyst reports. Piper Sandler cut their target price on First Watch Restaurant Group from $23.00 to $20.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. Stephens lowered their price target on First Watch Restaurant Group from $24.00 to $23.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th. Sanford C. Bernstein set a $21.00 price objective on First Watch Restaurant Group in a report on Tuesday, March 11th. Barclays decreased their target price on First Watch Restaurant Group from $24.00 to $20.00 and set an "overweight" rating for the company in a research report on Tuesday, May 6th. Finally, Raymond James reaffirmed a "strong-buy" rating and set a $21.00 price target (down previously from $25.00) on shares of First Watch Restaurant Group in a report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $21.36.

Insider Buying and Selling

In other news, insider Jay Anthony Wolszczak sold 5,743 shares of the business's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $96,539.83. Following the transaction, the insider now directly owns 37,768 shares in the company, valued at $634,880.08. The trade was a 13.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Christopher Anthony Tomasso sold 42,039 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 value of $706,675.59. Following the completion of the transaction, the chief executive officer now directly 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. 6.00% of the stock is currently owned by insiders.

First Watch Restaurant Group Stock Performance

Shares of NASDAQ:FWRG traded up $0.48 during midday trading on Tuesday, hitting $16.25. The company had a trading volume of 563,052 shares, compared to its average volume of 712,066. 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 fifty day moving average of $17.42 and a two-hundred day moving average of $18.64. The company has a market cap of $991.14 million, a price-to-earnings ratio of 49.24, a PEG ratio of 3.38 and a beta of 1.01. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51.

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

First Watch Restaurant Group Company 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.