First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 22.6% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,986,425 shares of the company’s stock after purchasing an additional 366,227 shares during the period. JPMorgan Chase & Co. owned approximately 3.28% of First Watch Restaurant Group worth $30,988,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FWRG. Rocky Mountain Advisers LLC raised its holdings in First Watch Restaurant Group by 180.1% during the third quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company’s stock worth $103,000 after purchasing an additional 4,250 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of First Watch Restaurant Group in the 3rd quarter valued at $119,000. XTX Topco Ltd acquired a new stake in First Watch Restaurant Group during the 3rd quarter worth $157,000. Versor Investments LP purchased a new stake in First Watch Restaurant Group in the third quarter valued at $201,000. Finally, Commerce Bank acquired a new position in First Watch Restaurant Group in the third quarter valued at $208,000. 96.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

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 stock was sold at an average price of $19.76, for a total value of $158,080,000.00. Following the completion of the sale, the insider now directly owns 19,189,784 shares in the company, valued at $379,190,131.84. This represents a 29.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 5.00% of the company’s stock.

First Watch Restaurant Group Trading Down 1.8 %

NASDAQ:FWRG opened at $19.47 on Tuesday. The business’s 50 day moving average is $18.79 and its two-hundred day moving average is $16.93. First Watch Restaurant Group, Inc. has a 52 week low of $12.90 and a 52 week high of $25.98. The company has a market cap of $1.18 billion, a PE ratio of 59.00, a P/E/G ratio of 5.68 and a beta of 0.89. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32.

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FWRG. Benchmark reissued a “buy” rating and set a $23.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, October 16th. Piper Sandler boosted their target price on First Watch Restaurant Group from $22.00 to $23.00 and gave the company 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 for the company in a report on Friday, October 4th. Barclays boosted their price objective on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Finally, 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 research note on Friday, November 8th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.30.

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.