Clearbridge Investments LLC Invests $12.73 Million in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Clearbridge Investments LLC acquired a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 684,155 shares of the company’s stock, valued at approximately $12,732,000. Clearbridge Investments LLC owned about 1.13% of First Watch Restaurant Group at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in FWRG. Charles Schwab Investment Management Inc. increased its stake in shares of First Watch Restaurant Group by 21.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 251,403 shares of the company’s stock valued at $3,922,000 after purchasing an additional 45,119 shares during the last quarter. FMR LLC boosted its stake in First Watch Restaurant Group by 9.5% in the third quarter. FMR LLC now owns 625,523 shares of the company’s stock valued at $9,758,000 after buying an additional 54,282 shares in the last quarter. Walleye Capital LLC bought a new position in First Watch Restaurant Group in the third quarter valued at about $215,000. Point72 Asset Management L.P. acquired a new position in First Watch Restaurant Group during the third quarter worth about $4,719,000. Finally, State Street Corp lifted its holdings in shares of First Watch Restaurant Group by 13.6% in the third quarter. State Street Corp now owns 664,310 shares of the company’s stock worth $10,363,000 after acquiring an additional 79,744 shares during the last quarter. 96.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on FWRG shares. Sanford C. Bernstein set a $21.00 price objective on shares of First Watch Restaurant Group in a research report on Tuesday, March 11th. Bank of America upped 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 report on Wednesday, March 12th. Barclays reissued an “overweight” rating and set a $21.00 price objective (down previously from $24.00) on shares of First Watch Restaurant Group in a report on Tuesday, March 11th. TD Securities upgraded First Watch Restaurant Group from a “hold” rating to a “buy” rating and increased their target price for the company from $21.00 to $22.00 in a research report on Tuesday. Finally, TD Cowen upgraded First Watch Restaurant Group from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a report on Tuesday. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, First Watch Restaurant Group has an average rating of “Buy” and a consensus target price of $22.45.

First Watch Restaurant Group Trading Up 2.8 %

NASDAQ FWRG opened at $18.42 on Thursday. First Watch Restaurant Group, Inc. has a 52 week low of $12.90 and a 52 week high of $25.98. The business has a 50 day moving average price of $19.31 and a 200-day moving average price of $18.23. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. The company has a market cap of $1.12 billion, a price-to-earnings ratio of 55.82, a P/E/G ratio of 3.38 and a beta of 0.91.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings data on Tuesday, March 11th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.01). The business had revenue of $263.30 million during the quarter, compared to the consensus estimate of $262.82 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period last year, the business posted $0.04 earnings per share. As a group, equities analysts expect that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal year.

Insider Buying and Selling at First Watch Restaurant Group

In other First Watch Restaurant Group news, CEO Christopher Anthony Tomasso sold 42,039 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly owns 389,832 shares in the company, valued at approximately $6,553,075.92. This trade represents a 9.73 % decrease in their position. The sale 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 company’s stock in a transaction 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 completion of 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 disclosure for this sale can be found here. Company insiders own 5.00% 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.