Geode Capital Management LLC Acquires 92,465 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Geode Capital Management LLC boosted its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 12.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 862,073 shares of the company’s stock after buying an additional 92,465 shares during the period. Geode Capital Management LLC’s holdings in First Watch Restaurant Group were worth $16,047,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Assetmark Inc. increased its stake in shares of First Watch Restaurant Group by 68.7% in the fourth quarter. Assetmark Inc. now owns 2,455 shares of the company’s stock worth $46,000 after buying an additional 1,000 shares during the period. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of First Watch Restaurant Group in the 4th quarter worth $51,000. Venturi Wealth Management LLC bought a new stake in shares of First Watch Restaurant Group during the 4th quarter valued at $81,000. American Century Companies Inc. bought a new position in shares of First Watch Restaurant Group during the 4th quarter valued at about $200,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in First Watch Restaurant Group during the fourth quarter worth approximately $204,000. Institutional investors own 96.11% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FWRG. Bank of America increased 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, March 12th. TD Cowen upgraded First Watch Restaurant Group from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research report on Tuesday, April 1st. Stephens reiterated an “overweight” rating and set a $24.00 price objective on shares of First Watch Restaurant Group in a research note on Thursday, March 20th. Barclays reaffirmed an “overweight” rating and set a $21.00 target price (down from $24.00) on shares of First Watch Restaurant Group in a report on Tuesday, March 11th. Finally, Benchmark reaffirmed a “buy” rating on shares of First Watch Restaurant Group in a report on Wednesday, March 12th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $22.45.

Insider Transactions at First Watch Restaurant Group

In related news, CEO Christopher Anthony Tomasso sold 42,039 shares of the firm’s 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 completion of the sale, the chief executive officer now directly owns 389,832 shares of the company’s stock, valued at approximately $6,553,075.92. This trade represents a 9.73 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $96,539.83. Following the transaction, the insider now owns 37,768 shares of the company’s stock, valued at approximately $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.

First Watch Restaurant Group Stock Up 4.6 %

FWRG opened at $19.59 on Monday. The business has a 50 day simple moving average of $18.37 and a 200-day simple moving average of $18.44. First Watch Restaurant Group, Inc. has a 12 month low of $12.90 and a 12 month high of $25.98. The stock has a market capitalization of $1.19 billion, a P/E ratio of 59.37, a P/E/G ratio of 3.38 and a beta of 1.02. 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 (NASDAQ:FWRG) last announced its quarterly 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 firm had revenue of $263.30 million during the quarter, compared to analysts’ expectations of $262.82 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.04 EPS. On average, equities analysts anticipate 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.