Allspring Global Investments Holdings LLC Decreases Stock Holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 23.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 591,207 shares of the company's stock after selling 180,620 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.99% of First Watch Restaurant Group worth $11,883,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Brown Advisory Inc. lifted its stake in shares of First Watch Restaurant Group by 2.6% in the third quarter. Brown Advisory Inc. now owns 1,471,913 shares of the company's stock valued at $25,449,000 after buying an additional 37,192 shares during the period. Neuberger Berman Group LLC lifted its stake in First Watch Restaurant Group by 27.1% during the first quarter. Neuberger Berman Group LLC now owns 1,442,843 shares of the company's stock worth $18,829,000 after purchasing an additional 307,925 shares during the period. Vanguard Group Inc. lifted its stake in First Watch Restaurant Group by 25.1% during the third quarter. Vanguard Group Inc. now owns 1,311,905 shares of the company's stock worth $22,683,000 after purchasing an additional 263,101 shares during the period. The Manufacturers Life Insurance Company lifted its stake in First Watch Restaurant Group by 0.5% during the third quarter. The Manufacturers Life Insurance Company now owns 1,233,380 shares of the company's stock worth $21,325,000 after purchasing an additional 5,889 shares during the period. Finally, BlackRock Inc. lifted its stake in First Watch Restaurant Group by 15.3% during the second quarter. BlackRock Inc. now owns 967,733 shares of the company's stock worth $16,355,000 after purchasing an additional 128,320 shares during the period. 96.11% of the stock is currently owned by institutional investors.

First Watch Restaurant Group Price Performance

Shares of First Watch Restaurant Group stock traded down $0.52 during midday trading on Tuesday, reaching $22.14. The company had a trading volume of 315,835 shares, compared to its average volume of 469,432. The company has a current ratio of 0.62, a quick ratio of 0.57 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $1.34 billion, a price-to-earnings ratio of 55.27, a price-to-earnings-growth ratio of 2.10 and a beta of 1.12. The stock has a fifty day simple moving average of $24.00 and a 200 day simple moving average of $20.54. First Watch Restaurant Group, Inc. has a 1-year low of $14.34 and a 1-year high of $25.88.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its quarterly earnings results on Tuesday, March 5th. The company reported $0.04 earnings per share for the quarter, meeting analysts' consensus estimates of $0.04. The business had revenue of $244.60 million during the quarter, compared to analyst estimates of $237.20 million. First Watch Restaurant Group had a net margin of 2.85% and a return on equity of 4.62%. First Watch Restaurant Group's revenue for the quarter was up 31.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.01) earnings per share. As a group, equities research analysts forecast that First Watch Restaurant Group, Inc. will post 0.46 earnings per share for the current year.

Insider Activity at First Watch Restaurant Group

In related news, CEO Christopher Anthony Tomasso sold 121,995 shares of the firm's stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $24.45, for a total value of $2,982,777.75. Following the completion of the sale, the chief executive officer now owns 431,871 shares of the company's stock, valued at $10,559,245.95. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other First Watch Restaurant Group news, CEO Christopher Anthony Tomasso sold 121,995 shares of First Watch Restaurant Group stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $24.45, for a total transaction of $2,982,777.75. Following the completion of the sale, the chief executive officer now owns 431,871 shares of the company's stock, valued at approximately $10,559,245.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Tricia Glynn sold 6,900,000 shares of First Watch Restaurant Group stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $23.99, for a total transaction of $165,531,000.00. Following the sale, the director now directly owns 27,189,784 shares of the company's stock, valued at approximately $652,282,918.16. The disclosure for this sale can be found here. Insiders sold a total of 7,091,741 shares of company stock valued at $170,160,841 over the last quarter. Corporate insiders own 4.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FWRG. TD Cowen restated a "hold" rating and set a $26.00 price target on shares of First Watch Restaurant Group in a research note on Wednesday, April 10th. Raymond James raised their price target on shares of First Watch Restaurant Group from $23.00 to $25.00 and gave the stock a "strong-buy" rating in a research note on Thursday, January 25th. Stifel Nicolaus raised their price objective on shares of First Watch Restaurant Group from $20.00 to $22.00 and gave the stock a "hold" rating in a report on Wednesday, March 6th. Citigroup raised their price objective on shares of First Watch Restaurant Group from $24.00 to $32.00 and gave the stock a "buy" rating in a report on Wednesday, March 6th. Finally, Barclays raised their price objective on shares of First Watch Restaurant Group from $23.00 to $29.00 and gave the stock an "overweight" rating in a report on Wednesday, March 6th. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $26.00.

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.