Assetmark Inc. Boosts Stock Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Assetmark Inc. raised its position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 68.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,455 shares of the company’s stock after purchasing an additional 1,000 shares during the quarter. Assetmark Inc.’s holdings in First Watch Restaurant Group were worth $46,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in FWRG. Barclays PLC lifted its position in shares of First Watch Restaurant Group by 505.3% in the third quarter. Barclays PLC now owns 172,515 shares of the company’s stock valued at $2,690,000 after acquiring an additional 144,014 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in First Watch Restaurant Group by 9.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 576,890 shares of the company’s stock valued at $10,736,000 after purchasing an additional 49,826 shares during the period. Mutual of America Capital Management LLC purchased a new position in First Watch Restaurant Group in the 3rd quarter worth approximately $5,757,000. Geode Capital Management LLC boosted its stake in First Watch Restaurant Group by 13.5% in the 3rd quarter. Geode Capital Management LLC now owns 769,608 shares of the company’s stock worth $12,008,000 after purchasing an additional 91,416 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in First Watch Restaurant Group by 22.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,986,425 shares of the company’s stock valued at $30,988,000 after buying an additional 366,227 shares in the last quarter. Hedge funds and other institutional investors own 96.11% of the company’s stock.

Insider Buying and Selling

In other 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 owns 389,832 shares in the company, valued at approximately $6,553,075.92. This trade represents a 9.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total transaction of $96,539.83. Following the transaction, the insider now directly owns 37,768 shares in the company, valued at $634,880.08. This trade represents a 13.20 % decrease in their position. The disclosure for this sale can be found here. 5.00% of the stock is currently owned by insiders.

First Watch Restaurant Group Stock Performance

First Watch Restaurant Group stock opened at $16.49 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51. First Watch Restaurant Group, Inc. has a 1-year low of $12.90 and a 1-year high of $25.98. The firm has a market capitalization of $998.80 million, a P/E ratio of 49.97, a price-to-earnings-growth ratio of 3.38 and a beta of 0.90. The company’s 50-day moving average is $19.77 and its 200 day moving average is $18.12.

First Watch Restaurant Group (NASDAQ:FWRG) last released its earnings results 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 analysts’ expectations of $262.82 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.04 EPS. Research analysts forecast that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current year.

Wall Street Analyst Weigh In

FWRG has been the topic of several research analyst reports. Benchmark reiterated a “buy” rating on shares of First Watch Restaurant Group in a research note on Wednesday. Sanford C. Bernstein set a $21.00 target price on First Watch Restaurant Group in a research report on Tuesday. Stephens reaffirmed an “overweight” rating and set a $25.00 price objective on shares of First Watch Restaurant Group in a report on Tuesday, March 11th. Barclays reaffirmed an “overweight” rating and set a $21.00 price objective (down from $24.00) on shares of First Watch Restaurant Group in a report on Tuesday. Finally, TD Securities reaffirmed a “hold” rating and set a $21.00 price target on shares of First Watch Restaurant Group in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, First Watch Restaurant Group presently has an average rating of “Moderate Buy” and a consensus price target 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.