Charles Schwab Investment Management Inc. Grows Stock Holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Charles Schwab Investment Management Inc. raised its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 23.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 309,851 shares of the company’s stock after acquiring an additional 58,448 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.51% of First Watch Restaurant Group worth $5,766,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in FWRG. JPMorgan Chase & Co. grew its position in shares of First Watch Restaurant Group by 22.6% in the third quarter. JPMorgan Chase & Co. now owns 1,986,425 shares of the company’s stock valued at $30,988,000 after purchasing an additional 366,227 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in First Watch Restaurant Group by 14.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,533,290 shares of the company’s stock worth $23,919,000 after purchasing an additional 192,471 shares during the period. Franklin Resources Inc. grew its holdings in First Watch Restaurant Group by 14.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,114,974 shares of the company’s stock valued at $16,022,000 after buying an additional 136,871 shares in the last quarter. WCM Investment Management LLC increased its position in shares of First Watch Restaurant Group by 44.2% during the fourth quarter. WCM Investment Management LLC now owns 947,240 shares of the company’s stock valued at $17,552,000 after buying an additional 290,173 shares during the period. Finally, Wellington Management Group LLP increased its position in shares of First Watch Restaurant Group by 7.9% during the third quarter. Wellington Management Group LLP now owns 813,670 shares of the company’s stock valued at $12,693,000 after buying an additional 59,508 shares during the period. Hedge funds and other institutional investors own 96.11% of the company’s stock.

Insiders Place Their Bets

In other First Watch Restaurant Group news, CEO Christopher Anthony Tomasso sold 42,039 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total value 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. The trade was a 9.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total transaction of $96,539.83. Following 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 5.00% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on FWRG. 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, March 12th. Barclays restated an “overweight” rating and set a $21.00 price target (down from $24.00) on shares of First Watch Restaurant Group in a research report on Tuesday, March 11th. Bank of America increased their price objective on First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, March 12th. Stephens restated an “overweight” rating and issued a $24.00 target price on shares of First Watch Restaurant Group in a research note on Thursday, March 20th. Finally, Sanford C. Bernstein set a $21.00 price target on First Watch Restaurant Group in a research report on Tuesday, March 11th. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $22.27.

First Watch Restaurant Group Trading Up 6.9 %

FWRG stock opened at $17.46 on Tuesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54. First Watch Restaurant Group, Inc. has a one year low of $12.90 and a one year high of $25.98. The company’s 50 day moving average price is $19.46 and its two-hundred day moving average price is $18.15. The company has a market capitalization of $1.06 billion, a PE ratio of 52.91, a price-to-earnings-growth ratio of 3.38 and a beta of 0.91.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings data on Tuesday, March 11th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.01). First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The company had revenue of $263.30 million for the quarter, compared to the consensus estimate of $262.82 million. During the same period last year, the business posted $0.04 earnings per share. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. As a group, analysts predict that First Watch Restaurant Group, Inc. will post 0.32 earnings per share 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.