First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Shares Bought by Rice Hall James & Associates LLC

Rice Hall James & Associates LLC raised its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 89.8% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 165,984 shares of the company's stock after acquiring an additional 78,518 shares during the quarter. Rice Hall James & Associates LLC owned approximately 0.27% of First Watch Restaurant Group worth $2,764,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. bought a new position in First Watch Restaurant Group in the 1st quarter valued at $259,000. SG Americas Securities LLC grew its position in First Watch Restaurant Group by 272.0% in the 1st quarter. SG Americas Securities LLC now owns 56,466 shares of the company's stock valued at $940,000 after acquiring an additional 41,289 shares during the last quarter. Stephens Investment Management Group LLC grew its position in First Watch Restaurant Group by 2.2% in the 1st quarter. Stephens Investment Management Group LLC now owns 708,663 shares of the company's stock valued at $11,799,000 after acquiring an additional 15,304 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of First Watch Restaurant Group by 23.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 309,851 shares of the company's stock worth $5,766,000 after buying an additional 58,448 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of First Watch Restaurant Group by 7.8% in the 4th quarter. JPMorgan Chase & Co. now owns 2,141,209 shares of the company's stock worth $39,848,000 after buying an additional 154,784 shares during the period. Institutional investors own 96.11% of the company's stock.

Wall Street Analyst Weigh In

FWRG has been the subject of several research reports. Stifel Nicolaus set a $17.00 target price on First Watch Restaurant Group in a report on Wednesday, May 7th. Stephens lowered their target price on First Watch Restaurant Group from $24.00 to $23.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Piper Sandler lowered their target price 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. Raymond James Financial upped their target price on First Watch Restaurant Group from $21.00 to $22.00 and gave the stock a "strong-buy" rating in a report on Thursday. Finally, 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 report on Tuesday, April 1st. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $21.55.

Insider Buying and Selling

In related news, major shareholder International L.P. Advent sold 4,500,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $14.70, for a total transaction of $66,150,000.00. Following the sale, the insider directly owned 14,689,784 shares of the company's stock, valued at $215,939,824.80. This trade represents a 23.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.00% of the stock is currently owned by company insiders.

First Watch Restaurant Group Stock Performance

Shares of NASDAQ:FWRG traded down $0.05 during trading on Thursday, hitting $16.96. The stock had a trading volume of 783,698 shares, compared to its average volume of 736,319. First Watch Restaurant Group, Inc. has a 12-month low of $12.90 and a 12-month high of $22.71. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of 99.76, a price-to-earnings-growth ratio of 4.71 and a beta of 0.90. The company has a quick ratio of 0.27, a current ratio of 0.31 and a debt-to-equity ratio of 0.32. The stock has a 50-day simple moving average of $16.23 and a two-hundred day simple moving average of $17.94.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced 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). The firm had revenue of $282.24 million during the quarter, compared to analysts' expectations of $282.98 million. First Watch Restaurant Group had a return on equity of 1.84% and a net margin of 1.03%. The company's revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.12 earnings per share. On average, equities research analysts expect that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal year.

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.