Mutual of America Capital Management LLC Purchases New Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Mutual of America Capital Management LLC purchased a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 369,014 shares of the company’s stock, valued at approximately $5,757,000. Mutual of America Capital Management LLC owned 0.61% of First Watch Restaurant Group as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of FWRG. Vanguard Group Inc. lifted its holdings in First Watch Restaurant Group by 18.8% during the 1st quarter. Vanguard Group Inc. now owns 1,611,452 shares of the company’s stock worth $39,674,000 after purchasing an additional 255,307 shares during the last quarter. Dimensional Fund Advisors LP increased its position in First Watch Restaurant Group by 15.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,385,972 shares of the company’s stock worth $24,338,000 after buying an additional 189,740 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of First Watch Restaurant Group by 26.5% in the second quarter. The Manufacturers Life Insurance Company now owns 1,340,819 shares of the company’s stock valued at $23,545,000 after acquiring an additional 281,056 shares during the period. Deepwater Asset Management LLC raised its stake in First Watch Restaurant Group by 15.4% in the 3rd quarter. Deepwater Asset Management LLC now owns 802,625 shares of the company’s stock worth $12,521,000 after purchasing an additional 106,976 shares in the last quarter. Finally, Capital Research Global Investors boosted its holdings in First Watch Restaurant Group by 17.1% in the 1st quarter. Capital Research Global Investors now owns 776,545 shares of the company’s stock valued at $19,119,000 after purchasing an additional 113,555 shares during the period. 96.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FWRG has been the topic of several recent research reports. Raymond James raised their target price on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the stock a “strong-buy” rating in a report on Friday, November 8th. Barclays lifted their price objective on First Watch Restaurant Group from $18.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Piper Sandler increased their target price on First Watch Restaurant Group from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Guggenheim decreased their price target on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday, October 4th. Finally, TD Cowen upped their price objective on shares of First Watch Restaurant Group from $18.00 to $21.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.30.

Insiders Place Their Bets

In other First Watch Restaurant Group news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $19.76, for a total value of $158,080,000.00. Following the completion of the transaction, the insider now directly owns 19,189,784 shares in the company, valued at approximately $379,190,131.84. This represents a 29.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 5.00% of the company’s stock.

First Watch Restaurant Group Trading Down 2.3 %

FWRG opened at $17.17 on Wednesday. The company has a market cap of $1.04 billion, a P/E ratio of 52.03, a PEG ratio of 5.35 and a beta of 0.85. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. The company’s 50 day moving average is $16.34 and its 200-day moving average is $17.05. First Watch Restaurant Group, Inc. has a 1-year low of $12.90 and a 1-year high of $25.98.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its earnings results on Thursday, November 7th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The company had revenue of $251.61 million for the quarter, compared to the consensus estimate of $256.17 million. During the same period in the previous year, the firm posted $0.09 EPS. The business’s quarterly revenue was up 14.8% compared to the same quarter last year. Equities research analysts predict that First Watch Restaurant Group, Inc. will post 0.31 earnings per share for the current fiscal year.

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.