First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Stock Holdings Increased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lifted its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 398.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 66,286 shares of the company's stock after purchasing an additional 52,977 shares during the quarter. Envestnet Asset Management Inc. owned 0.11% of First Watch Restaurant Group worth $1,234,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in FWRG. Assetmark Inc. raised its position in First Watch Restaurant Group by 68.7% during 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. bought a new position in First Watch Restaurant Group during the fourth quarter valued at approximately $51,000. Venturi Wealth Management LLC bought a new position in First Watch Restaurant Group during the fourth quarter valued at approximately $81,000. American Century Companies Inc. bought a new position in First Watch Restaurant Group during the fourth quarter valued at approximately $200,000. Finally, Oppenheimer Asset Management Inc. bought a new position in First Watch Restaurant Group during the fourth quarter valued at approximately $204,000. 96.11% of the stock is owned by hedge funds and other institutional investors.

First Watch Restaurant Group Stock Down 3.8 %

Shares of FWRG opened at $17.66 on Thursday. The company has a 50-day simple moving average of $18.12 and a 200-day simple moving average of $18.68. The firm has a market capitalization of $1.08 billion, a P/E ratio of 53.52, a P/E/G ratio of 3.38 and a beta of 1.02. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54. First Watch Restaurant Group, Inc. has a 52 week low of $12.90 and a 52 week high of $25.85.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced its quarterly earnings data on Tuesday, March 11th. The company reported $0.01 EPS for the quarter, missing analysts' consensus estimates of $0.02 by ($0.01). The company had revenue of $263.30 million for the quarter, compared to analyst estimates of $262.82 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The firm's quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.04 EPS. On average, equities research analysts expect that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Sanford C. Bernstein set a $21.00 price objective on shares of First Watch Restaurant Group in a research report on Tuesday, March 11th. Stephens reiterated an "overweight" rating and set a $24.00 price target on shares of First Watch Restaurant Group in a report on Thursday, April 24th. Barclays increased their price target on First Watch Restaurant Group from $21.00 to $24.00 and gave the company an "overweight" rating in a report on Tuesday, April 22nd. Bank of America increased their price target on First Watch Restaurant Group from $27.00 to $28.00 and gave the company a "buy" rating in a report on Wednesday, March 12th. Finally, TD Cowen upgraded First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 price target on the stock in a report on Tuesday, April 1st. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, First Watch Restaurant Group presently has a consensus rating of "Buy" and an average price target of $22.73.

Insider Buying and Selling

In related news, CEO Christopher Anthony Tomasso sold 42,039 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total value of $706,675.59. Following the completion of the transaction, the chief executive officer now owns 389,832 shares of the company's stock, valued at $6,553,075.92. This represents a 9.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total transaction of $96,539.83. Following the completion of the transaction, the insider now directly owns 37,768 shares of the company's stock, valued at $634,880.08. This trade represents a 13.20 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.00% of the company's stock.

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.

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