Point72 Asset Management L.P. Trims Stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Point72 Asset Management L.P. lowered its position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 53.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 140,098 shares of the company's stock after selling 162,431 shares during the period. Point72 Asset Management L.P. owned 0.23% of First Watch Restaurant Group worth $2,607,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Barclays PLC boosted its position in shares of First Watch Restaurant Group by 505.3% during the 3rd quarter. Barclays PLC now owns 172,515 shares of the company's stock worth $2,690,000 after acquiring an additional 144,014 shares in the last quarter. SG Americas Securities LLC boosted its holdings in First Watch Restaurant Group by 98.9% in the fourth quarter. SG Americas Securities LLC now owns 15,177 shares of the company's stock valued at $282,000 after purchasing an additional 7,547 shares in the last quarter. WCM Investment Management LLC increased its stake in First Watch Restaurant Group by 44.2% in the fourth quarter. WCM Investment Management LLC now owns 947,240 shares of the company's stock valued at $17,552,000 after purchasing an additional 290,173 shares during the last quarter. Stephens Investment Management Group LLC raised its holdings in First Watch Restaurant Group by 37.7% during the fourth quarter. Stephens Investment Management Group LLC now owns 693,359 shares of the company's stock worth $12,903,000 after purchasing an additional 189,681 shares in the last quarter. Finally, SRH Advisors LLC raised its holdings in First Watch Restaurant Group by 84.3% during the fourth quarter. SRH Advisors LLC now owns 12,185 shares of the company's stock worth $227,000 after purchasing an additional 5,575 shares in the last quarter. Hedge funds and other institutional investors own 96.11% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FWRG. Bank of America lifted their price target on shares of 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. Sanford C. Bernstein set a $21.00 target price on First Watch Restaurant Group in a report on Tuesday, March 11th. TD Cowen raised 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 report on Tuesday, April 1st. Piper Sandler cut their price target on First Watch Restaurant Group from $23.00 to $20.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. Finally, Benchmark lowered their target price on shares of 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. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $21.36.

First Watch Restaurant Group Stock Performance

Shares of First Watch Restaurant Group stock traded down $0.14 during trading hours on Monday, hitting $15.77. 431,230 shares of the company were exchanged, compared to its average volume of 712,664. 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 business has a 50-day moving average of $17.43 and a 200-day moving average of $18.68. First Watch Restaurant Group, Inc. has a 1 year low of $12.90 and a 1 year high of $22.71. The stock has a market capitalization of $961.86 million, a price-to-earnings ratio of 47.79, a P/E/G ratio of 3.38 and a beta of 1.01.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced its quarterly earnings data 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 return on equity of 3.61% and a net margin of 2.09%. 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 company posted $0.12 EPS. The firm's quarterly revenue was up 16.4% compared to the same quarter last year. As a group, analysts expect that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

Insider Buying and Selling

In other First Watch Restaurant Group news, CEO Christopher Anthony Tomasso sold 42,039 shares of the business'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 $706,675.59. Following the sale, the chief executive officer now directly owns 389,832 shares in the company, valued at approximately $6,553,075.92. The trade was a 9.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jay Anthony Wolszczak sold 5,743 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 $96,539.83. Following the completion of the sale, the insider now owns 37,768 shares of the company's stock, valued at $634,880.08. This trade represents a 13.20% decrease in their position. The disclosure for this sale can be found here. 6.00% of the stock is currently owned by corporate insiders.

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.