Charles Schwab Investment Management Inc. Buys 58,448 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Charles Schwab Investment Management Inc. increased its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 23.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 309,851 shares of the company’s stock after buying an additional 58,448 shares during the period. Charles Schwab Investment Management Inc.’s holdings in First Watch Restaurant Group were worth $5,766,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Commerce Bank bought a new position in shares of First Watch Restaurant Group in the 3rd quarter worth approximately $208,000. Dynamic Technology Lab Private Ltd purchased a new stake in First Watch Restaurant Group in the third quarter worth $342,000. The Manufacturers Life Insurance Company raised its holdings in First Watch Restaurant Group by 14.4% in the third 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 in the last quarter. FMR LLC lifted its position in First Watch Restaurant Group by 9.5% during the third quarter. FMR LLC now owns 625,523 shares of the company’s stock valued at $9,758,000 after buying an additional 54,282 shares during the period. Finally, Walleye Capital LLC bought a new stake in shares of First Watch Restaurant Group during the 3rd quarter valued at $215,000. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at First Watch Restaurant Group

In other news, CEO Christopher Anthony Tomasso sold 42,039 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 $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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jay Anthony Wolszczak sold 5,743 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 value of $96,539.83. Following the completion of the transaction, the insider now owns 37,768 shares in the company, 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. Company insiders own 5.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on FWRG shares. Sanford C. Bernstein set a $21.00 price target on shares of First Watch Restaurant Group in a research note on Tuesday, March 11th. Bank of America upped their price objective on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, March 12th. Barclays reiterated 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. TD Securities restated a “hold” rating and issued a $21.00 price target on shares of First Watch Restaurant Group in a research note on Wednesday, March 12th. Finally, 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. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.27.

First Watch Restaurant Group Stock Performance

FWRG stock opened at $17.46 on Tuesday. The stock’s 50 day simple moving average is $19.46 and its 200 day simple moving average is $18.15. 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 $25.98. The stock 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 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). First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The business had revenue of $263.30 million for the quarter, compared to the consensus estimate of $262.82 million. During the same period in the previous year, the company earned $0.04 earnings per share. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, research analysts forecast 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.