Raymond James & Associates Acquires 84,231 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Raymond James & Associates raised its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 217.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 122,917 shares of the company’s stock after purchasing an additional 84,231 shares during the period. Raymond James & Associates owned 0.21% of First Watch Restaurant Group worth $2,471,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Captrust Financial Advisors raised its position in shares of First Watch Restaurant Group by 170.4% in the 2nd quarter. Captrust Financial Advisors now owns 2,028 shares of the company’s stock worth $29,000 after acquiring an additional 1,278 shares in the last quarter. Tower Research Capital LLC TRC raised its position in shares of First Watch Restaurant Group by 355.7% in the 3rd quarter. Tower Research Capital LLC TRC now owns 2,274 shares of the company’s stock worth $32,000 after acquiring an additional 1,775 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of First Watch Restaurant Group in the 3rd quarter worth approximately $35,000. Lazard Asset Management LLC raised its position in shares of First Watch Restaurant Group by 117.8% in the 3rd quarter. Lazard Asset Management LLC now owns 2,047 shares of the company’s stock worth $35,000 after acquiring an additional 1,107 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of First Watch Restaurant Group by 3,232.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,233 shares of the company’s stock worth $39,000 after acquiring an additional 2,166 shares in the last quarter. Institutional investors own 96.11% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FWRG. TD Cowen reissued a “hold” rating and issued a $26.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, April 10th. Raymond James raised their price objective on First Watch Restaurant Group from $23.00 to $25.00 and gave the company a “strong-buy” rating in a research report on Thursday, January 25th. Stifel Nicolaus raised their price objective on First Watch Restaurant Group from $20.00 to $22.00 and gave the company a “hold” rating in a research report on Wednesday, March 6th. Barclays raised their price objective on First Watch Restaurant Group from $23.00 to $29.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. Finally, Citigroup raised their price objective on First Watch Restaurant Group from $24.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, First Watch Restaurant Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.00.

Insider Buying and Selling at First Watch Restaurant Group

In other First Watch Restaurant Group news, Director William A. Kussell sold 15,000 shares of the stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $20.53, for a total transaction of $307,950.00. Following the sale, the director now directly owns 20,795 shares in the company, valued at approximately $426,921.35. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Tricia Glynn sold 6,900,000 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $23.99, for a total value of $165,531,000.00. Following the transaction, the director now directly owns 27,189,784 shares in the company, valued at approximately $652,282,918.16. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director William A. Kussell sold 15,000 shares of the firm’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $20.53, for a total value of $307,950.00. Following the completion of the transaction, the director now owns 20,795 shares in the company, valued at $426,921.35. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,091,741 shares of company stock worth $170,160,841. Insiders own 4.50% of the company’s stock.

First Watch Restaurant Group Stock Up 0.4 %

FWRG stock opened at $22.66 on Tuesday. First Watch Restaurant Group, Inc. has a twelve month low of $14.34 and a twelve month high of $25.88. The company has a quick ratio of 0.57, a current ratio of 0.62 and a debt-to-equity ratio of 0.21. The firm has a market cap of $1.37 billion, a PE ratio of 55.27, a price-to-earnings-growth ratio of 2.10 and a beta of 1.12. The business has a 50 day moving average of $24.00 and a 200 day moving average of $20.54.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its earnings results on Tuesday, March 5th. The company reported $0.04 EPS for the quarter, meeting the consensus estimate of $0.04. First Watch Restaurant Group had a return on equity of 4.62% and a net margin of 2.85%. The business had revenue of $244.60 million for the quarter, compared to the consensus estimate of $237.20 million. During the same period last year, the business posted ($0.01) EPS. The company’s revenue was up 31.7% compared to the same quarter last year. On average, research analysts forecast that First Watch Restaurant Group, Inc. will post 0.46 EPS for the current fiscal year.

First Watch Restaurant Group Company 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.