Wellington Management Group LLP Purchases 34,200 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Wellington Management Group LLP boosted its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 4.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 847,870 shares of the company's stock after purchasing an additional 34,200 shares during the quarter. Wellington Management Group LLP owned approximately 1.40% of First Watch Restaurant Group worth $15,779,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of FWRG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in First Watch Restaurant Group by 3.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,269 shares of the company's stock worth $321,000 after acquiring an additional 613 shares during the last quarter. Assetmark Inc. grew its stake in shares of 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 buying an additional 1,000 shares in the last quarter. Mariner LLC grew its stake in shares of First Watch Restaurant Group by 5.1% in the fourth quarter. Mariner LLC now owns 21,446 shares of the company's stock valued at $399,000 after buying an additional 1,033 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of First Watch Restaurant Group by 2.7% in the fourth quarter. Bank of New York Mellon Corp now owns 78,621 shares of the company's stock valued at $1,463,000 after buying an additional 2,033 shares in the last quarter. Finally, State of Wyoming grew its stake in shares of 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 buying an additional 2,186 shares in the last quarter. Hedge funds and other institutional investors own 96.11% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on FWRG shares. Stephens dropped their price objective on 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. Benchmark decreased their target price on First Watch Restaurant Group from $26.00 to $22.00 and set a "buy" 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 report on Tuesday, March 11th. Piper Sandler decreased 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. Finally, Guggenheim reduced their target price on First Watch Restaurant Group from $23.00 to $22.00 and set a "buy" rating for the company in a report on Thursday, May 8th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $21.36.

Insider Buying and Selling

In other First Watch Restaurant Group news, insider Jay Anthony Wolszczak sold 5,743 shares of First Watch Restaurant Group stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total value of $96,539.83. Following the transaction, the insider now owns 37,768 shares in the company, valued at approximately $634,880.08. The trade was a 13.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of First Watch Restaurant Group stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total transaction of $706,675.59. Following the completion of the transaction, the chief executive officer now owns 389,832 shares in the company, valued at approximately $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 corporate insiders.

First Watch Restaurant Group Stock Performance

NASDAQ FWRG traded down $0.17 during trading hours on Thursday, reaching $15.39. The company's stock had a trading volume of 514,640 shares, compared to its average volume of 732,730. 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 simple moving average of $17.21 and a 200 day simple moving average of $18.47. First Watch Restaurant Group, Inc. has a 52 week low of $12.90 and a 52 week high of $22.71. The stock has a market cap of $938.68 million, a PE ratio of 46.80, a PEG ratio of 3.38 and a beta of 0.90.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its quarterly earnings results 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). The business had revenue of $282.24 million for the quarter, compared to the consensus estimate of $282.98 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The business's quarterly revenue was up 16.4% on a year-over-year basis. During the same period last year, the firm posted $0.12 EPS. Equities research analysts predict that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal year.

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.