California State Teachers Retirement System Raises Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

California State Teachers Retirement System boosted its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 23.9% in the 4th quarter, Holdings Channel reports. The firm owned 38,653 shares of the company’s stock after buying an additional 7,467 shares during the quarter. California State Teachers Retirement System’s holdings in First Watch Restaurant Group were worth $719,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of First Watch Restaurant Group by 3.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,269 shares of the company’s stock valued at $321,000 after buying an additional 613 shares during the last quarter. Assetmark Inc. lifted its position in First Watch Restaurant Group by 68.7% during the 4th quarter. Assetmark Inc. now owns 2,455 shares of the company’s stock worth $46,000 after acquiring an additional 1,000 shares during the last quarter. Mariner LLC increased its holdings in shares of First Watch Restaurant Group by 5.1% during the 4th quarter. Mariner LLC now owns 21,446 shares of the company’s stock worth $399,000 after purchasing an additional 1,033 shares during the period. Bank of New York Mellon Corp increased its stake in First Watch Restaurant Group by 2.7% in the fourth quarter. Bank of New York Mellon Corp now owns 78,621 shares of the company’s stock valued at $1,463,000 after acquiring an additional 2,033 shares during the period. Finally, State of Wyoming grew its stake in First Watch Restaurant Group by 212.6% during the fourth quarter. State of Wyoming now owns 3,214 shares of the company’s stock worth $60,000 after buying an additional 2,186 shares during the last quarter. 96.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at First Watch Restaurant Group

In other First Watch Restaurant Group news, major shareholder International L.P. Advent sold 4,500,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $14.70, for a total transaction of $66,150,000.00. Following the completion of the sale, the insider now directly owns 14,689,784 shares of the company’s stock, valued at $215,939,824.80. This trade represents a 23.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 6.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Stifel Nicolaus set a $17.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, May 7th. Piper Sandler dropped their price objective on shares of First Watch Restaurant Group from $23.00 to $20.00 and set an “overweight” rating for the company in a research note on Wednesday, May 7th. Sanford C. Bernstein set a $21.00 target price on shares of First Watch Restaurant Group in a research report on Tuesday, March 11th. Stephens reduced their target price on shares of First Watch Restaurant Group from $24.00 to $23.00 and set an “overweight” rating on the stock in a report on Wednesday, May 7th. Finally, Raymond James reiterated a “strong-buy” rating and set a $21.00 target price (down previously from $25.00) on shares of First Watch Restaurant Group in a research report on Wednesday, May 7th. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $21.36.

First Watch Restaurant Group Price Performance

FWRG stock opened at $15.89 on Thursday. The firm has a 50 day moving average of $17.03 and a 200-day moving average of $18.39. The firm has a market capitalization of $969.18 million, a P/E ratio of 48.15, a price-to-earnings-growth ratio of 3.38 and a beta of 0.90. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. First Watch Restaurant Group, Inc. has a 12 month low of $12.90 and a 12 month high of $22.71.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.05). First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The company had revenue of $282.24 million for the quarter, compared to analysts’ expectations of $282.98 million. During the same period in the previous year, the firm posted $0.12 earnings per share. The firm’s revenue for the quarter was up 16.4% compared to the same quarter last year. As a group, sell-side analysts predict that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal year.

About First Watch Restaurant Group

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.