Envestnet Asset Management Inc. Has $1.44 Million Stock Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Key Points

• Envestnet Asset Management Inc. increased its holdings in First Watch Restaurant Group by 30.7%, owning approximately 0.14% of the company worth $1.44 million as of its latest SEC filing.
• Institutional investors dominate First Watch Restaurant Group, owning 96.11% of the company's stock, with several firms significantly increasing their stakes during the fourth quarter.
• Despite a miss on EPS estimates, First Watch reported a 16.4% increase in revenue for the last quarter compared to the same time the previous year.

Envestnet Asset Management Inc. grew its position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 30.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 86,647 shares of the company's stock after purchasing an additional 20,361 shares during the period. Envestnet Asset Management Inc. owned about 0.14% of First Watch Restaurant Group worth $1,443,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. American Century Companies Inc. bought a new stake in First Watch Restaurant Group during the 4th quarter worth about $200,000. Sei Investments Co. boosted its position in First Watch Restaurant Group by 107.9% during the 4th quarter. Sei Investments Co. now owns 139,350 shares of the company's stock worth $2,593,000 after acquiring an additional 72,328 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in First Watch Restaurant Group during the 4th quarter worth approximately $305,000. LPL Financial LLC acquired a new stake in shares of First Watch Restaurant Group in the 4th quarter valued at approximately $470,000. Finally, Vanguard Group Inc. boosted 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 last quarter. Institutional investors and hedge funds own 96.11% of the company's stock.

First Watch Restaurant Group Price Performance

NASDAQ:FWRG traded up $0.18 during trading hours on Monday, hitting $16.96. The company's stock had a trading volume of 394,888 shares, compared to its average volume of 791,663. The stock has a fifty day simple moving average of $16.41 and a 200-day simple moving average of $17.78. The company has a market capitalization of $1.03 billion, a P/E ratio of 99.55, a PEG ratio of 4.73 and a beta of 0.91. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.31 and a quick ratio of 0.27. First Watch Restaurant Group, Inc. has a twelve month low of $12.90 and a twelve month high of $22.71.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced 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 net margin of 1.03% and a return on equity of 1.84%. The firm had revenue of $282.24 million for the quarter, compared to analyst estimates of $282.98 million. During the same period in the previous year, the business posted $0.12 earnings per share. The business's revenue for the quarter was up 16.4% compared to the same quarter last year. On average, analysts anticipate that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

Analyst Ratings Changes

FWRG has been the subject of several research reports. Bank of America cut their price target on First Watch Restaurant Group from $23.00 to $21.00 and set a "buy" rating for the company in a report on Friday, July 18th. TD Securities reiterated a "buy" rating and set a $19.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, June 4th. TD Cowen increased their price objective on First Watch Restaurant Group from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Barclays increased their price objective on First Watch Restaurant Group from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Finally, Benchmark decreased their price target on First Watch Restaurant Group from $26.00 to $22.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, First Watch Restaurant Group currently has an average rating of "Buy" and a consensus price target of $20.82.

Insider Activity at First Watch Restaurant Group

In other news, major shareholder International L.P. Advent sold 4,500,000 shares of First Watch Restaurant Group stock in a transaction dated 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 sale, the insider directly owned 14,689,784 shares of the company's stock, valued at approximately $215,939,824.80. This trade represents a 23.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 6.00% of the company's stock.

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.