First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Holdings Boosted by Swiss National Bank

Swiss National Bank grew its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 27.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 82,300 shares of the company’s stock after purchasing an additional 17,700 shares during the quarter. Swiss National Bank’s holdings in First Watch Restaurant Group were worth $1,532,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its position in 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 buying an additional 45,119 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in shares of First Watch Restaurant Group during the third quarter worth about $342,000. The Manufacturers Life Insurance Company grew its position in shares of First Watch Restaurant Group by 14.4% during the third quarter. The Manufacturers Life Insurance Company now owns 1,533,290 shares of the company’s stock worth $23,919,000 after acquiring an additional 192,471 shares during the last quarter. FMR LLC increased its holdings in shares of 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 period. Finally, Walleye Capital LLC acquired a new position in First Watch Restaurant Group during the 3rd quarter valued at about $215,000. 96.11% of the stock is currently owned by institutional investors and hedge funds.

First Watch Restaurant Group Stock Performance

Shares of FWRG opened at $16.86 on Friday. The company has a 50-day moving average of $19.36 and a two-hundred day moving average of $18.15. First Watch Restaurant Group, Inc. has a one year low of $12.90 and a one year high of $25.98. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of 51.09, a PEG ratio of 3.38 and a beta of 0.91.

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

Insiders Place Their Bets

In related news, CEO Christopher Anthony Tomasso sold 42,039 shares of the stock in a transaction that occurred on 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 owns 389,832 shares in the company, valued at approximately $6,553,075.92. This represents a 9.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jay Anthony Wolszczak sold 5,743 shares of First Watch Restaurant Group stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total transaction of $96,539.83. Following the completion of the sale, the insider now owns 37,768 shares of the company’s stock, 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. Corporate insiders own 5.00% of the company’s stock.

Analyst Ratings Changes

FWRG has been the topic of several analyst reports. Benchmark restated a “buy” rating on shares of First Watch Restaurant Group in a research note on Wednesday, March 12th. Barclays restated an “overweight” rating and issued a $21.00 target price (down from $24.00) on shares of First Watch Restaurant Group in a research report on Tuesday, March 11th. Stephens reiterated an “overweight” rating and set a $24.00 price target on shares of First Watch Restaurant Group in a research report on Thursday, March 20th. Bank of America raised their price target on First Watch Restaurant Group from $27.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, March 12th. Finally, Sanford C. Bernstein set a $21.00 price objective on shares of First Watch Restaurant Group in a research note on Tuesday, March 11th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.27.

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.