Lazard Asset Management LLC Takes $39.10 Million Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Lazard Asset Management LLC bought a new stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,100,757 shares of the company's stock, valued at approximately $39,095,000. Lazard Asset Management LLC owned approximately 3.47% of First Watch Restaurant Group as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of FWRG. Champlain Investment Partners LLC raised its holdings in shares of First Watch Restaurant Group by 59.0% during the fourth quarter. Champlain Investment Partners LLC now owns 2,582,303 shares of the company's stock valued at $48,057,000 after acquiring an additional 958,417 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of First Watch Restaurant Group by 25.6% during the fourth quarter. Vanguard Group Inc. now owns 2,351,614 shares of the company's stock valued at $43,764,000 after buying an additional 479,741 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of First Watch Restaurant Group by 7.8% during the fourth quarter. JPMorgan Chase & Co. now owns 2,141,209 shares of the company's stock valued at $39,848,000 after buying an additional 154,784 shares during 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 valued at $37,469,000 after buying an additional 337,920 shares during the last quarter. 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 valued at $35,804,000 after buying an additional 259,517 shares during the last quarter. Hedge funds and other institutional investors own 96.11% of the company's stock.

First Watch Restaurant Group Price Performance

Shares of FWRG stock traded up $0.20 during trading hours on Friday, reaching $17.25. The company had a trading volume of 519,083 shares, compared to its average volume of 714,239. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of 52.27, a PEG ratio of 3.38 and a beta of 1.01. First Watch Restaurant Group, Inc. has a 12-month low of $12.90 and a 12-month high of $22.71. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54. The stock has a fifty day moving average of $17.48 and a 200-day moving average of $18.75.

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 (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $282.98 million. During the same quarter in the previous year, the business posted $0.12 earnings per share. The firm's revenue was up 16.4% on a year-over-year basis. On average, equities analysts anticipate that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on FWRG. Stifel Nicolaus set a $17.00 target price on First Watch Restaurant Group in a report on Wednesday, May 7th. Sanford C. Bernstein set a $21.00 price objective on First Watch Restaurant Group in a report on Tuesday, March 11th. Guggenheim decreased their target price on First Watch Restaurant Group from $23.00 to $22.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Bank of America boosted their target price on First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a "buy" rating in a research note on Wednesday, March 12th. Finally, TD Securities lowered their target price on First Watch Restaurant Group from $22.00 to $19.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $21.36.

Insider Transactions at First Watch Restaurant Group

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 stock was sold at an average price of $16.81, for a total value of $96,539.83. Following the sale, the insider now owns 37,768 shares of the company's stock, valued at approximately $634,880.08. The trade was a 13.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $706,675.59. Following the sale, the chief executive officer now directly owns 389,832 shares in the company, valued at $6,553,075.92. This trade represents a 9.73% decrease in their position. The disclosure for this sale can be found here. Insiders own 6.00% of the company's stock.

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.