Envestnet Asset Management Inc. Purchases 52,977 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Envestnet Asset Management Inc. grew its position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 398.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 66,286 shares of the company’s stock after buying an additional 52,977 shares during the quarter. Envestnet Asset Management Inc.’s holdings in First Watch Restaurant Group were worth $1,234,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Clearbridge Investments LLC bought a new stake in shares of First Watch Restaurant Group during the fourth quarter valued at approximately $12,732,000. Vanguard Group Inc. grew its stake in shares of First Watch Restaurant Group by 25.6% during the fourth quarter. Vanguard Group Inc. now owns 2,351,614 shares of the company’s stock valued at $43,764,000 after purchasing an additional 479,741 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of First Watch Restaurant Group by 22.6% during 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 during the last quarter. WCM Investment Management LLC grew its stake 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 purchasing an additional 290,173 shares during the last quarter. Finally, Stephens Investment Management Group LLC grew its stake in shares of First Watch Restaurant Group by 37.7% during the fourth quarter. Stephens Investment Management Group LLC now owns 693,359 shares of the company’s stock valued at $12,903,000 after purchasing an additional 189,681 shares during the last quarter. 96.11% of the stock is owned by institutional investors.

First Watch Restaurant Group Trading Down 3.8 %

FWRG opened at $17.66 on Thursday. The firm’s fifty day moving average is $18.12 and its two-hundred day moving average is $18.68. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54. The firm has a market cap of $1.08 billion, a PE ratio of 53.52, a price-to-earnings-growth ratio of 3.38 and a beta of 1.02. First Watch Restaurant Group, Inc. has a twelve month low of $12.90 and a twelve month high of $25.85.

First Watch Restaurant Group (NASDAQ:FWRG) last released its earnings results 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). The firm had revenue of $263.30 million for the quarter, compared to the consensus estimate of $262.82 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. First Watch Restaurant Group’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter last year, the company posted $0.04 EPS. Equities research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FWRG. Benchmark reaffirmed a “buy” rating on shares of First Watch Restaurant Group in a research note on Wednesday, March 12th. Stephens reaffirmed an “overweight” rating and issued a $24.00 price objective on shares of First Watch Restaurant Group in a research note on Thursday, April 24th. Bank of America raised their price objective on shares of 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 Securities raised shares of First Watch Restaurant Group from a “hold” rating to a “buy” rating and raised their price objective for the company from $21.00 to $22.00 in a research note on Tuesday, April 1st. Finally, TD Cowen raised shares of First Watch Restaurant Group from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a research note on Tuesday, April 1st. One equities research analyst has rated the stock with a hold rating, eight have given 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 a consensus rating of “Buy” and an average target price of $22.73.

Insider Transactions at First Watch Restaurant Group

In other news, insider Jay Anthony Wolszczak sold 5,743 shares of the company’s 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 completion of the transaction, the insider now directly owns 37,768 shares of the company’s stock, valued at $634,880.08. This represents a 13.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total value of $706,675.59. Following the transaction, the chief executive officer now directly owns 389,832 shares of the company’s stock, valued at $6,553,075.92. This represents a 9.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.00% of the stock is owned by insiders.

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.