Raymond James Financial Inc. Purchases New Holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Raymond James Financial Inc. acquired a new position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 89,969 shares of the company’s stock, valued at approximately $1,674,000.

Other institutional investors also recently modified their holdings of the company. Assetmark Inc. increased its stake in First Watch Restaurant Group by 68.7% in the fourth quarter. Assetmark Inc. now owns 2,455 shares of the company’s stock valued at $46,000 after acquiring an additional 1,000 shares during the period. Venturi Wealth Management LLC bought a new stake in shares of First Watch Restaurant Group in the 4th quarter valued at approximately $81,000. XTX Topco Ltd acquired a new position in shares of First Watch Restaurant Group in the 3rd quarter worth approximately $157,000. Oppenheimer Asset Management Inc. bought a new position in shares of First Watch Restaurant Group during the 4th quarter worth approximately $204,000. Finally, Walleye Capital LLC bought a new stake in First Watch Restaurant Group in the third quarter valued at $215,000. Institutional investors and hedge funds own 96.11% of the company’s stock.

Insider Activity at First Watch Restaurant Group

In related news, insider Jay Anthony Wolszczak sold 5,743 shares of the business’s 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 $96,539.83. Following the completion of the transaction, the insider now directly owns 37,768 shares in the company, valued at approximately $634,880.08. The trade was a 13.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 sale, 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 disclosure for this sale can be found here. 5.00% of the stock is currently owned by corporate insiders.

First Watch Restaurant Group Stock Performance

Shares of NASDAQ:FWRG opened at $16.65 on Tuesday. 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 1-year low of $12.90 and a 1-year high of $25.98. The stock has a market capitalization of $1.01 billion, a P/E ratio of 50.46, a P/E/G ratio of 3.38 and a beta of 0.91. The business has a 50-day moving average price of $19.34 and a two-hundred day moving average price of $18.21.

First Watch Restaurant Group (NASDAQ:FWRG) last posted 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). 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 for the quarter, compared to the consensus estimate of $262.82 million. During the same period last year, the firm earned $0.04 earnings per share. The company’s quarterly revenue was up 7.6% on a year-over-year basis. Equities analysts predict that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on FWRG shares. Benchmark reissued a “buy” rating on shares of First Watch Restaurant Group in a report on Wednesday, March 12th. 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 research note on Wednesday, March 12th. Stephens reaffirmed an “overweight” rating and set a $24.00 price objective on shares of First Watch Restaurant Group in a report on Thursday, March 20th. TD Securities reaffirmed a “hold” rating and set a $21.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, March 12th. Finally, Barclays reissued an “overweight” rating and issued a $21.00 price objective (down previously from $24.00) 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 given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.27.

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.