Envestnet Asset Management Inc. Has $1.44 Million Holdings 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. increased its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 30.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 86,647 shares of the company's stock after buying an additional 20,361 shares during the quarter. Envestnet Asset Management Inc. owned 0.14% of First Watch Restaurant Group worth $1,443,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Lazard Asset Management LLC bought a new position in First Watch Restaurant Group during the 4th quarter worth about $39,095,000. Champlain Investment Partners LLC increased its holdings in First Watch Restaurant Group by 59.0% during the 4th quarter. Champlain Investment Partners LLC now owns 2,582,303 shares of the company's stock worth $48,057,000 after purchasing an additional 958,417 shares in the last quarter. Mesirow Institutional Investment Management Inc. bought a new position in First Watch Restaurant Group during the 4th quarter worth about $15,506,000. Clearbridge Investments LLC bought a new position in First Watch Restaurant Group during the 4th quarter worth about $12,732,000. Finally, Vanguard Group Inc. increased its holdings in First Watch Restaurant Group by 25.6% during the 4th 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. Institutional investors and hedge funds own 96.11% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on FWRG shares. Piper Sandler decreased their price objective on First Watch Restaurant Group from $23.00 to $20.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Bank of America decreased their price objective 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. Stifel Nicolaus set a $17.00 price objective on First Watch Restaurant Group in a report on Wednesday, May 7th. TD Securities restated a "buy" rating and issued a $19.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, June 4th. Finally, TD Cowen raised their price objective on First Watch Restaurant Group from $19.00 to $21.00 and gave the company a "buy" rating in a report on Tuesday. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, First Watch Restaurant Group presently has an average rating of "Buy" and an average target price of $20.82.

First Watch Restaurant Group Stock Performance

FWRG stock traded down $0.51 during mid-day trading on Friday, hitting $16.78. 1,157,759 shares of the company were exchanged, compared to its average volume of 628,627. The business has a 50 day simple moving average of $16.41 and a 200-day simple moving average of $17.78. The company has a current ratio of 0.31, a quick ratio of 0.27 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $1.02 billion, a PE ratio of 98.71, a price-to-earnings-growth ratio of 4.87 and a beta of 0.91. First Watch Restaurant Group, Inc. has a 1-year low of $12.90 and a 1-year high of $22.71.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.05). First Watch Restaurant Group had a return on equity of 1.84% and a net margin of 1.03%. The company had revenue of $282.24 million for the quarter, compared to analyst estimates of $282.98 million. During the same quarter last year, the business earned $0.12 earnings per share. The company's revenue was up 16.4% on a year-over-year basis. On average, equities analysts forecast that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current year.

Insider Buying and Selling 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 that occurred on Tuesday, June 3rd. The shares were sold at an average price of $14.70, for a total value of $66,150,000.00. Following the completion of the sale, the insider directly owned 14,689,784 shares in the company, valued at approximately $215,939,824.80. The trade was a 23.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 6.00% of the company's stock.

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.