Arizona State Retirement System Buys Shares of 12,265 First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Arizona State Retirement System bought a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 12,265 shares of the company’s stock, valued at approximately $228,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Jane Street Group LLC increased its stake in First Watch Restaurant Group by 1.1% in the 3rd quarter. Jane Street Group LLC now owns 49,358 shares of the company’s stock valued at $770,000 after purchasing an additional 551 shares in the last quarter. Assetmark Inc. grew its holdings in First Watch Restaurant Group by 68.7% in the fourth quarter. Assetmark Inc. now owns 2,455 shares of the company’s stock valued at $46,000 after purchasing an additional 1,000 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of First Watch Restaurant Group by 2.7% in the fourth quarter. Bank of New York Mellon Corp now owns 78,621 shares of the company’s stock valued at $1,463,000 after buying an additional 2,033 shares in the last quarter. Venturi Wealth Management LLC purchased a new stake in shares of First Watch Restaurant Group in the 4th quarter worth about $81,000. Finally, SRH Advisors LLC boosted its position in shares of First Watch Restaurant Group by 84.3% in the 4th quarter. SRH Advisors LLC now owns 12,185 shares of the company’s stock worth $227,000 after buying an additional 5,575 shares in the last quarter. 96.11% of the stock is currently owned by institutional investors and hedge funds.

First Watch Restaurant Group Stock Performance

NASDAQ FWRG opened at $16.49 on Friday. The business’s 50-day moving average price is $19.77 and its 200 day moving average price is $18.12. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. First Watch Restaurant Group, Inc. has a twelve month low of $12.90 and a twelve month high of $25.98. The company has a market capitalization of $998.80 million, a PE ratio of 49.97, a price-to-earnings-growth ratio of 3.38 and a beta of 0.90.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings data on Tuesday, March 11th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.01). First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The company had revenue of $263.30 million for the quarter, compared to analysts’ expectations of $262.82 million. During the same quarter in the previous year, the company earned $0.04 earnings per share. The company’s revenue was up 7.6% on a year-over-year basis. On average, research analysts predict that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current year.

Insider Buying and Selling at First Watch Restaurant Group

In related news, insider Jay Anthony Wolszczak sold 5,743 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were 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. This represents a 13.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of First Watch Restaurant Group stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total transaction of $706,675.59. Following the transaction, the chief executive officer now owns 389,832 shares in the company, valued at $6,553,075.92. The trade was a 9.73 % decrease in their position. The disclosure for this sale can be found here. 5.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FWRG. Benchmark restated a “buy” rating on shares of First Watch Restaurant Group in a report on Wednesday. Barclays reaffirmed an “overweight” rating and issued a $21.00 target price (down previously from $24.00) on shares of First Watch Restaurant Group in a research note on Tuesday. Bank of America raised their price target on First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday. Stephens restated an “overweight” rating and issued a $25.00 price objective on shares of First Watch Restaurant Group in a research report on Tuesday, March 11th. Finally, TD Securities reaffirmed a “hold” rating and set a $21.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, First Watch Restaurant Group has an average rating of “Moderate Buy” and a consensus target price of $22.36.

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.