Granahan Investment Management LLC Acquires 440,357 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Granahan Investment Management LLC lifted its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 42.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,471,610 shares of the company's stock after purchasing an additional 440,357 shares during the quarter. First Watch Restaurant Group accounts for approximately 1.1% of Granahan Investment Management LLC's holdings, making the stock its 25th largest position. Granahan Investment Management LLC owned approximately 2.43% of First Watch Restaurant Group worth $27,387,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Champlain Investment Partners LLC raised its position in First Watch Restaurant Group by 59.0% in the 4th quarter. Champlain Investment Partners LLC now owns 2,582,303 shares of the company's stock valued at $48,057,000 after purchasing an additional 958,417 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of First Watch Restaurant Group by 25.6% in the fourth quarter. Vanguard Group Inc. now owns 2,351,614 shares of the company's stock worth $43,764,000 after acquiring an additional 479,741 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of First Watch Restaurant Group by 7.8% in the fourth quarter. JPMorgan Chase & Co. now owns 2,141,209 shares of the company's stock worth $39,848,000 after acquiring an additional 154,784 shares in the last quarter. 12 West Capital Management LP boosted its position in shares of First Watch Restaurant Group by 20.2% during the fourth quarter. 12 West Capital Management LP now owns 2,013,406 shares of the company's stock worth $37,469,000 after buying an additional 337,920 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of First Watch Restaurant Group by 15.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,923,901 shares of the company's stock worth $35,804,000 after buying an additional 259,517 shares during the period. Institutional investors own 96.11% of the company's stock.

First Watch Restaurant Group Trading Up 1.4%

First Watch Restaurant Group stock traded up $0.23 during midday trading on Tuesday, reaching $16.98. The stock had a trading volume of 702,805 shares, compared to its average volume of 715,701. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of 51.46, a price-to-earnings-growth ratio of 3.38 and a beta of 1.01. The company has a fifty day moving average of $17.53 and a 200 day moving average of $18.74. First Watch Restaurant Group, Inc. has a 52-week low of $12.90 and a 52-week high of $22.71. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32.

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 for the quarter, missing analysts' consensus estimates of $0.04 by ($0.05). First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The company had revenue of $282.24 million for the quarter, compared to analysts' expectations of $282.98 million. During the same period last year, the firm earned $0.12 earnings per share. First Watch Restaurant Group's quarterly revenue was up 16.4% compared to the same quarter last year. On average, analysts anticipate that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FWRG has been the subject of several recent research reports. Stephens reduced their price target on First Watch Restaurant Group from $24.00 to $23.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Sanford C. Bernstein set a $21.00 price objective on First Watch Restaurant Group in a research report on Tuesday, March 11th. Raymond James reaffirmed a "strong-buy" rating and issued a $21.00 price objective (down from $25.00) on shares of First Watch Restaurant Group in a research report on Wednesday, May 7th. Stifel Nicolaus set a $17.00 price objective on First Watch Restaurant Group in a research report on Wednesday, May 7th. Finally, TD Securities cut their price objective on First Watch Restaurant Group from $22.00 to $19.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. One equities 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 stock. Based on data from MarketBeat, First Watch Restaurant Group currently has an average rating of "Buy" and an average target price of $21.36.

Insiders Place Their Bets

In other news, 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 value of $96,539.83. Following the transaction, the insider now directly owns 37,768 shares in the company, valued at approximately $634,880.08. This trade represents a 13.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Christopher Anthony Tomasso sold 42,039 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 $706,675.59. Following the transaction, 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 disclosure for this sale can be found here. 6.00% of the stock is currently owned by 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.