New York State Common Retirement Fund Purchases 92,650 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

New York State Common Retirement Fund lifted its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 17.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 612,287 shares of the company's stock after acquiring an additional 92,650 shares during the quarter. New York State Common Retirement Fund owned 1.00% of First Watch Restaurant Group worth $10,195,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Whittier Trust Co. of Nevada Inc. acquired a new position in First Watch Restaurant Group in the fourth quarter worth about $51,000. State of Wyoming grew its stake in First Watch Restaurant Group by 212.6% in the fourth quarter. State of Wyoming now owns 3,214 shares of the company's stock worth $60,000 after purchasing an additional 2,186 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in First Watch Restaurant Group in the fourth quarter worth about $86,000. Comerica Bank grew its stake in First Watch Restaurant Group by 316.2% in the fourth quarter. Comerica Bank now owns 5,157 shares of the company's stock worth $96,000 after purchasing an additional 3,918 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in First Watch Restaurant Group by 1,617.7% in the first quarter. GAMMA Investing LLC now owns 5,445 shares of the company's stock worth $91,000 after purchasing an additional 5,128 shares in the last quarter. 96.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FWRG. Guggenheim decreased their target price on First Watch Restaurant Group from $23.00 to $22.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Piper Sandler decreased their target price on First Watch Restaurant Group from $23.00 to $20.00 and set an "overweight" rating for the company in a research note on Wednesday, May 7th. Benchmark decreased their target price 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. TD Cowen upgraded First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 target price for the company in a research note on Tuesday, April 1st. Finally, Raymond James Financial lifted their price target on First Watch Restaurant Group from $21.00 to $22.00 and gave the company a "strong-buy" rating in a report on Thursday. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $20.91.

First Watch Restaurant Group Price Performance

Shares of NASDAQ FWRG traded down $0.12 during trading on Friday, hitting $16.84. The company had a trading volume of 386,009 shares, compared to its average volume of 737,887. The company has a market cap of $1.03 billion, a P/E ratio of 99.06, a PEG ratio of 4.79 and a beta of 0.90. First Watch Restaurant Group, Inc. has a 52 week low of $12.90 and a 52 week high of $22.71. The business's 50-day moving average is $16.27 and its 200 day moving average is $17.91. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.27 and a current ratio of 0.31.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.01) earnings per share 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 firm had revenue of $282.24 million for the quarter, compared to analysts' expectations of $282.98 million. During the same quarter in the previous year, the firm posted $0.12 earnings per share. The company's revenue for the quarter was up 16.4% on a year-over-year basis. Equities research analysts predict that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal year.

Insider Transactions at First Watch Restaurant Group

In related news, major shareholder International L.P. Advent sold 4,500,000 shares of the company's stock in a transaction 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. This represents a 23.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 6.00% of the company's stock.

First Watch Restaurant Group 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.