Sumitomo Mitsui Trust Group Inc. Acquires New Holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Sumitomo Mitsui Trust Group Inc. purchased a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 15,582 shares of the company's stock, valued at approximately $259,000.

Several other hedge funds have also recently bought and sold shares of the business. Assetmark Inc. grew its position in First Watch Restaurant Group by 68.7% in the fourth quarter. Assetmark Inc. now owns 2,455 shares of the company's stock valued at $46,000 after acquiring an additional 1,000 shares in the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in First Watch Restaurant Group in the fourth quarter valued at approximately $51,000. State of Wyoming grew its position 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 valued at $60,000 after acquiring an additional 2,186 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in First Watch Restaurant Group in the fourth quarter valued at approximately $86,000. Finally, Comerica Bank grew its position in First Watch Restaurant Group by 316.2% in the fourth quarter. Comerica Bank now owns 5,157 shares of the company's stock valued at $96,000 after acquiring an additional 3,918 shares in the last quarter. Hedge funds and other institutional investors own 96.11% of the company's stock.

Insider Activity

In other news, major shareholder International L.P. Advent sold 4,500,000 shares of the business's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $14.70, for a total transaction of $66,150,000.00. Following the completion of the transaction, the insider owned 14,689,784 shares of the company's stock, valued at approximately $215,939,824.80. The trade was a 23.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 6.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on FWRG shares. Benchmark decreased their price target on shares of First Watch Restaurant Group from $26.00 to $22.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Sanford C. Bernstein set a $21.00 price target on shares of First Watch Restaurant Group in a research report on Tuesday, March 11th. Bank of America raised 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 report on Wednesday, March 12th. Barclays cut their price objective on First Watch Restaurant Group from $24.00 to $20.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 6th. Finally, Stifel Nicolaus set a $17.00 price objective on First Watch Restaurant Group in a research note on Wednesday, May 7th. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, First Watch Restaurant Group currently has an average rating of "Buy" and a consensus price target of $21.36.

First Watch Restaurant Group Stock Performance

Shares of FWRG traded down $0.11 during midday trading on Wednesday, hitting $17.92. 535,254 shares of the stock traded hands, compared to its average volume of 738,254. First Watch Restaurant Group, Inc. has a 1-year low of $12.90 and a 1-year high of $22.71. The firm has a market capitalization of $1.09 billion, a PE ratio of 105.41, a price-to-earnings-growth ratio of 5.13 and a beta of 0.90. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.27 and a current ratio of 0.31. The business's 50 day moving average price is $16.25 and its two-hundred day moving average price is $18.01.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced its quarterly earnings results 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). First Watch Restaurant Group had a net margin of 1.03% and a return on equity of 1.84%. The firm had revenue of $282.24 million for the quarter, compared to analyst estimates of $282.98 million. During the same period last year, the firm posted $0.12 EPS. The business's revenue was up 16.4% compared to the same quarter last year. Equities research analysts predict that First Watch Restaurant Group, Inc. will post 0.32 EPS 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.