Mesirow Institutional Investment Management Inc. Takes $15.51 Million Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Mesirow Institutional Investment Management Inc. acquired a new position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 833,188 shares of the company's stock, valued at approximately $15,506,000. First Watch Restaurant Group comprises approximately 1.2% of Mesirow Institutional Investment Management Inc.'s investment portfolio, making the stock its 28th largest position. Mesirow Institutional Investment Management Inc. owned about 1.38% of First Watch Restaurant Group at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Champlain Investment Partners LLC lifted its position in First Watch Restaurant Group by 59.0% in the fourth 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 period. Clearbridge Investments LLC acquired a new position in First Watch Restaurant Group in the 4th quarter valued at about $12,732,000. Vanguard Group Inc. lifted its holdings in First Watch Restaurant Group by 25.6% in the 4th quarter. Vanguard Group Inc. now owns 2,351,614 shares of the company's stock valued at $43,764,000 after purchasing an additional 479,741 shares in the last quarter. Wasatch Advisors LP acquired a new stake in shares of First Watch Restaurant Group during the 4th quarter worth about $8,765,000. Finally, JPMorgan Chase & Co. raised its position in shares of First Watch Restaurant Group by 22.6% in the third quarter. JPMorgan Chase & Co. now owns 1,986,425 shares of the company's stock valued at $30,988,000 after buying an additional 366,227 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 $0.02 during trading hours on Friday, hitting $19.39. The company had a trading volume of 514,944 shares, compared to its average volume of 680,750. First Watch Restaurant Group, Inc. has a 12 month low of $12.90 and a 12 month high of $25.98. 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 firm's fifty day moving average is $18.33 and its 200 day moving average is $18.54. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of 58.74, a PEG ratio of 3.38 and a beta of 1.02.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its quarterly earnings results on Tuesday, March 11th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.02 by ($0.01). First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The business had revenue of $263.30 million for the quarter, compared to analyst estimates of $262.82 million. During the same quarter in the prior year, the firm earned $0.04 EPS. The firm's quarterly revenue was up 7.6% compared to the same quarter last year. On average, sell-side analysts predict that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on FWRG. TD Cowen upgraded First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 price objective on the stock in a report on Tuesday, April 1st. Bank of America increased their target price on First Watch Restaurant Group from $27.00 to $28.00 and gave the company a "buy" rating in a research note on Wednesday, March 12th. Benchmark reaffirmed a "buy" rating on shares of First Watch Restaurant Group in a research note on Wednesday, March 12th. TD Securities raised First Watch Restaurant Group from a "hold" rating to a "buy" rating and increased their price target for the company from $21.00 to $22.00 in a report on Tuesday, April 1st. Finally, Stephens restated an "overweight" rating and issued a $24.00 price target on shares of First Watch Restaurant Group in a research note on Thursday. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $22.73.

Insider Transactions at First Watch Restaurant Group

In related news, CEO Christopher Anthony Tomasso sold 42,039 shares of the stock in a transaction 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 owns 389,832 shares in the company, valued at approximately $6,553,075.92. This represents a 9.73 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the firm'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 transaction of $96,539.83. Following the sale, the insider now owns 37,768 shares of the company's stock, valued at $634,880.08. This trade represents a 13.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.00% of the stock is owned by insiders.

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.