First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Stock Holdings Increased by Penn Capital Management Company LLC

Penn Capital Management Company LLC lifted its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 34.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 735,486 shares of the company's stock after buying an additional 189,597 shares during the period. First Watch Restaurant Group accounts for approximately 1.3% of Penn Capital Management Company LLC's holdings, making the stock its 22nd biggest position. Penn Capital Management Company LLC owned 1.21% of First Watch Restaurant Group worth $13,687,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Champlain Investment Partners LLC boosted its position in First Watch Restaurant Group by 59.0% during 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 period. Mesirow Institutional Investment Management Inc. acquired a new stake in shares of First Watch Restaurant Group in the 4th quarter worth about $15,506,000. Clearbridge Investments LLC bought a new stake in First Watch Restaurant Group in the 4th quarter valued at about $12,732,000. Vanguard Group Inc. boosted its stake in First Watch Restaurant Group by 25.6% during 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 during the period. Finally, Wasatch Advisors LP bought a new position in First Watch Restaurant Group in the 4th quarter worth about $8,765,000. 96.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FWRG has been the subject of several analyst reports. Sanford C. Bernstein set a $21.00 price objective on First Watch Restaurant Group in a research report on Tuesday, March 11th. Barclays raised 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. Stephens reaffirmed an "overweight" rating and issued a $24.00 price objective on shares of First Watch Restaurant Group in a report on Thursday, April 24th. TD Cowen upgraded shares of First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 target price for the company in a research report on Tuesday, April 1st. Finally, Bank of America boosted their price target on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a "buy" rating in a research report on Wednesday, March 12th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $22.73.

Insider Transactions at First Watch Restaurant Group

In other news, insider Jay Anthony Wolszczak sold 5,743 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The shares were 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 in the company, valued at $634,880.08. The trade was a 13.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 that occurred on Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total transaction of $706,675.59. Following the completion of the transaction, the chief executive officer now directly owns 389,832 shares of the company's stock, valued at $6,553,075.92. This represents a 9.73 % decrease in their position. The disclosure for this sale can be found here. 6.00% of the stock is owned by insiders.

First Watch Restaurant Group Price Performance

Shares of FWRG traded down $0.64 during mid-day trading on Tuesday, hitting $18.29. The company's stock had a trading volume of 467,047 shares, compared to its average volume of 685,822. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51. The firm has a 50-day moving average price of $18.22 and a 200 day moving average price of $18.69. First Watch Restaurant Group, Inc. has a fifty-two week low of $12.90 and a fifty-two week high of $25.98. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of 54.99, a PEG ratio of 3.38 and a beta of 1.02.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last posted its quarterly earnings results on Tuesday, March 11th. The company reported $0.01 earnings per share (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 during the quarter, compared to analyst estimates of $262.82 million. During the same quarter last year, the firm posted $0.04 EPS. The company's quarterly revenue was up 7.6% compared to the same quarter last year. On average, research analysts predict that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

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.