First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Stock Holdings Raised by Northern Trust Corp

Northern Trust Corp increased its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 16.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 303,829 shares of the company's stock after purchasing an additional 42,444 shares during the period. Northern Trust Corp owned approximately 0.50% of First Watch Restaurant Group worth $5,654,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Champlain Investment Partners LLC lifted its holdings in First Watch Restaurant Group by 59.0% in the fourth quarter. Champlain Investment Partners LLC now owns 2,582,303 shares of the company's stock valued at $48,057,000 after acquiring an additional 958,417 shares during the period. Mesirow Institutional Investment Management Inc. purchased a new stake in First Watch Restaurant Group in the 4th quarter worth $15,506,000. Clearbridge Investments LLC bought a new stake in First Watch Restaurant Group during the 4th quarter valued at approximately $12,732,000. Vanguard Group Inc. increased its holdings in 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 acquiring an additional 479,741 shares during the last quarter. Finally, Wasatch Advisors LP bought a new position in First Watch Restaurant Group during the fourth quarter valued at approximately $8,765,000. Institutional investors own 96.11% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on FWRG shares. TD Securities reduced their price objective on First Watch Restaurant Group from $22.00 to $19.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Benchmark decreased 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. Guggenheim dropped their target price on First Watch Restaurant Group from $23.00 to $22.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Stifel Nicolaus set a $17.00 target price on First Watch Restaurant Group in a research report on Wednesday, May 7th. Finally, Piper Sandler decreased their price objective on shares of 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. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $21.36.

Insiders Place Their Bets

In other news, insider Jay Anthony Wolszczak sold 5,743 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total transaction of $96,539.83. Following the transaction, the insider now directly owns 37,768 shares of the company's stock, valued at $634,880.08. This represents a 13.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of the firm's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total transaction of $706,675.59. Following the completion of the sale, the chief executive officer now owns 389,832 shares of the company's stock, valued at $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 owned by company insiders.

First Watch Restaurant Group Price Performance

NASDAQ:FWRG traded down $0.14 during trading hours on Monday, reaching $15.77. 431,230 shares of the company were exchanged, compared to its average volume of 712,664. First Watch Restaurant Group, Inc. has a twelve month low of $12.90 and a twelve month high of $22.71. The stock's 50-day moving average is $17.42 and its 200-day moving average is $18.64. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. The firm has a market cap of $961.86 million, a PE ratio of 47.79, a price-to-earnings-growth ratio of 3.38 and a beta of 1.01.

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

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.