Sunbelt Securities Inc. Buys New Stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Sunbelt Securities Inc. purchased a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 2,622 shares of the company’s stock, valued at approximately $65,000.

Several other large investors also recently bought and sold shares of the stock. New York State Common Retirement Fund increased its position in First Watch Restaurant Group by 3.6% during the fourth quarter. New York State Common Retirement Fund now owns 78,481 shares of the company’s stock worth $1,577,000 after buying an additional 2,763 shares during the period. Vancity Investment Management Ltd raised its position in First Watch Restaurant Group by 14.8% in the 4th quarter. Vancity Investment Management Ltd now owns 21,808 shares of the company’s stock valued at $438,000 after purchasing an additional 2,808 shares during the last quarter. iA Global Asset Management Inc. purchased a new stake in First Watch Restaurant Group in the 3rd quarter valued at $95,000. The Manufacturers Life Insurance Company boosted its stake in First Watch Restaurant Group by 0.5% during the 3rd 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, Brown Advisory Inc. grew its position in First Watch Restaurant Group by 0.4% during the 4th quarter. Brown Advisory Inc. now owns 1,478,407 shares of the company’s stock worth $29,716,000 after purchasing an additional 6,494 shares during the last quarter. Institutional investors and hedge funds own 96.11% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Stifel Nicolaus increased their target price on shares of First Watch Restaurant Group from $20.00 to $22.00 and gave the stock a “hold” rating in a research note on Wednesday, March 6th. Barclays dropped their target price on First Watch Restaurant Group from $29.00 to $27.00 and set an “overweight” rating on the stock in a report on Wednesday, May 8th. Citigroup increased their price target on 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, TD Cowen dropped their price objective on shares of First Watch Restaurant Group from $25.00 to $21.00 and set a “hold” rating on the stock in a research note on Thursday, June 13th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.83.

Insider Buying and Selling

In other First Watch Restaurant Group news, Director William A. Kussell sold 8,386 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $22.10, for a total value of $185,330.60. Following the sale, the director now owns 12,409 shares of the company’s stock, valued at $274,238.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.00% of the stock is currently owned by insiders.

First Watch Restaurant Group Price Performance

Shares of NASDAQ FWRG opened at $17.56 on Monday. The company’s fifty day moving average is $20.20 and its two-hundred day moving average is $21.58. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.55 and a current ratio of 0.60. The firm has a market capitalization of $1.06 billion, a P/E ratio of 46.21, a PEG ratio of 2.25 and a beta of 0.93. First Watch Restaurant Group, Inc. has a one year low of $16.19 and a one year high of $25.98.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its earnings results on Tuesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.02. First Watch Restaurant Group had a net margin of 2.52% and a return on equity of 4.15%. The company had revenue of $242.40 million for the quarter, compared to analyst estimates of $245.03 million. During the same period in the prior year, the business posted $0.15 earnings per share. The firm’s revenue for the quarter was up 14.7% compared to the same quarter last year. Analysts forecast that First Watch Restaurant Group, Inc. will post 0.39 EPS 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.