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

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

A number of other hedge funds also recently bought and sold shares of the stock. Assetmark Inc. boosted its holdings in shares of First Watch Restaurant Group by 68.7% in the 4th quarter. Assetmark Inc. now owns 2,455 shares of the company's stock valued at $46,000 after buying 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 boosted 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 valued at $60,000 after acquiring an additional 2,186 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in First Watch Restaurant Group in the fourth quarter worth $86,000. Finally, GAMMA Investing LLC increased its position in shares of First Watch Restaurant Group by 1,617.7% during 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. Hedge funds and other institutional investors own 96.11% of the company's stock.

Analyst Ratings Changes

FWRG has been the subject of a number of recent analyst reports. Raymond James Financial reissued a "strong-buy" rating and issued a $21.00 price objective (down previously from $25.00) on shares of First Watch Restaurant Group in a research report on Wednesday, May 7th. Piper Sandler lowered their price target 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. Sanford C. Bernstein set a $21.00 price target on First Watch Restaurant Group in a research note on Tuesday, March 11th. Guggenheim cut their price objective on shares of First Watch Restaurant Group from $23.00 to $22.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Finally, Stephens lowered their target price on shares of First Watch Restaurant Group from $24.00 to $23.00 and set an "overweight" rating for the company in a research note on Wednesday, May 7th. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $21.36.

Insider Transactions at First Watch Restaurant Group

In other 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 in the company, valued at $215,939,824.80. This trade represents a 23.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 6.00% of the company's stock.

First Watch Restaurant Group Trading Down 1.9%

Shares of First Watch Restaurant Group stock opened at $17.23 on Friday. The stock has a market cap of $1.05 billion, a PE ratio of 101.32, a price-to-earnings-growth ratio of 5.02 and a beta of 0.90. The firm has a fifty day moving average price of $16.28 and a 200 day moving average price of $18.02. First Watch Restaurant Group, Inc. has a 1 year low of $12.90 and a 1 year high of $22.71. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.31 and a quick ratio of 0.27.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.01) earnings per share for the quarter, missing analysts' consensus estimates 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 company 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 business posted $0.12 EPS. The business's quarterly revenue 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 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.

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