Two Sigma Investments LP Acquires 130,169 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Two Sigma Investments LP grew its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 159.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 211,865 shares of the company's stock after purchasing an additional 130,169 shares during the period. Two Sigma Investments LP owned about 0.35% of First Watch Restaurant Group worth $3,943,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Assetmark Inc. lifted its stake in First Watch Restaurant Group by 68.7% in the 4th quarter. Assetmark Inc. now owns 2,455 shares of the company's stock worth $46,000 after acquiring an additional 1,000 shares in the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new stake in First Watch Restaurant Group in the 4th quarter worth about $51,000. State of Wyoming lifted its stake in First Watch Restaurant Group by 212.6% in the 4th quarter. State of Wyoming now owns 3,214 shares of the company's stock worth $60,000 after acquiring an additional 2,186 shares in the last quarter. Venturi Wealth Management LLC purchased a new stake in First Watch Restaurant Group in the 4th quarter worth about $81,000. Finally, BNP Paribas Financial Markets purchased a new stake in First Watch Restaurant Group in the 4th quarter worth about $86,000. 96.11% of the stock is owned by hedge funds and other institutional investors.

First Watch Restaurant Group Stock Down 0.7%

FWRG stock traded down $0.11 during mid-day trading on Monday, hitting $15.33. The stock had a trading volume of 559,604 shares, compared to its average volume of 712,828. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. First Watch Restaurant Group, Inc. has a 1-year low of $12.90 and a 1-year high of $22.71. The company has a fifty day moving average of $17.28 and a 200 day moving average of $18.51. The stock has a market capitalization of $935.02 million, a price-to-earnings ratio of 46.46, a PEG ratio of 3.38 and a beta of 1.01.

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 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 company had revenue of $282.24 million during the quarter, compared to the consensus estimate of $282.98 million. During the same period in the previous year, the business posted $0.12 earnings per share. The firm's revenue was up 16.4% on a year-over-year basis. On average, equities analysts expect that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FWRG shares. Benchmark reduced their price objective on First Watch Restaurant Group from $26.00 to $22.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Sanford C. Bernstein set a $21.00 price objective on First Watch Restaurant Group in a research note on Tuesday, March 11th. Bank of America increased their price objective on First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a "buy" rating in a research note on Wednesday, March 12th. Stifel Nicolaus set a $17.00 price objective on First Watch Restaurant Group in a research note on Wednesday, May 7th. Finally, TD Cowen raised First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 price objective for the company in a research note on Tuesday, April 1st. 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. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $21.36.

Insider Activity at First Watch Restaurant Group

In related news, insider Jay Anthony Wolszczak sold 5,743 shares of the firm's stock in a transaction that occurred on 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 of the company's stock, valued at approximately $634,880.08. This trade represents a 13.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of the firm'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 $706,675.59. Following the completion of the transaction, the chief executive officer now directly owns 389,832 shares in the company, valued at $6,553,075.92. The trade was a 9.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.00% of the stock is owned by company 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.