Sei Investments Co. Acquires 72,328 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Sei Investments Co. lifted its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 107.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 139,350 shares of the company’s stock after acquiring an additional 72,328 shares during the period. Sei Investments Co. owned 0.23% of First Watch Restaurant Group worth $2,593,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in FWRG. Charles Schwab Investment Management Inc. increased its holdings in shares of First Watch Restaurant Group by 21.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 251,403 shares of the company’s stock worth $3,922,000 after purchasing an additional 45,119 shares during the last quarter. FMR LLC increased its stake in First Watch Restaurant Group by 9.5% in the 3rd quarter. FMR LLC now owns 625,523 shares of the company’s stock worth $9,758,000 after acquiring an additional 54,282 shares during the last quarter. Walleye Capital LLC bought a new stake in First Watch Restaurant Group in the 3rd quarter worth approximately $215,000. Point72 Asset Management L.P. purchased a new stake in shares of First Watch Restaurant Group during the 3rd quarter worth approximately $4,719,000. Finally, State Street Corp boosted its position in shares of First Watch Restaurant Group by 13.6% during the 3rd quarter. State Street Corp now owns 664,310 shares of the company’s stock valued at $10,363,000 after acquiring an additional 79,744 shares during the last quarter. Hedge funds and other institutional investors own 96.11% of the company’s stock.

Insider Activity

In related 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 directly owns 389,832 shares in the company, valued at $6,553,075.92. This trade represents a 9.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the stock in a transaction on 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 directly owns 37,768 shares in the company, valued at $634,880.08. This trade 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.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FWRG. TD Securities upgraded First Watch Restaurant Group from a “hold” rating to a “buy” rating and increased their price target for the company from $21.00 to $22.00 in a report on Tuesday. Stephens reissued an “overweight” rating and issued a $24.00 price objective on shares of First Watch Restaurant Group in a research note on Thursday, March 20th. Bank of America upped their target price on First Watch Restaurant Group from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, March 12th. TD Cowen upgraded First Watch Restaurant Group from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a research report on Tuesday. Finally, Barclays restated an “overweight” rating and issued a $21.00 price target (down from $24.00) on shares of First Watch Restaurant Group in a report on Tuesday, March 11th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, First Watch Restaurant Group presently has an average rating of “Buy” and a consensus target price of $22.45.

First Watch Restaurant Group Trading Down 4.9 %

NASDAQ:FWRG opened at $16.33 on Friday. 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 quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. The stock has a fifty day simple moving average of $19.21 and a 200-day simple moving average of $18.23. The company has a market capitalization of $991.23 million, a PE ratio of 49.49, a price-to-earnings-growth ratio of 3.38 and a beta of 0.91.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings results on Tuesday, March 11th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $263.30 million for the quarter, compared to analysts’ expectations of $262.82 million. During the same quarter last year, the firm earned $0.04 earnings per share. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. On average, equities research analysts expect that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal year.

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.