Point72 Asset Management L.P. Sells 162,431 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Point72 Asset Management L.P. lowered its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 53.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 140,098 shares of the company’s stock after selling 162,431 shares during the quarter. Point72 Asset Management L.P. owned about 0.23% of First Watch Restaurant Group worth $2,607,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Arizona State Retirement System bought a new stake in shares of First Watch Restaurant Group in the fourth quarter valued at approximately $228,000. Barclays PLC raised its stake in shares of First Watch Restaurant Group by 505.3% in the third quarter. Barclays PLC now owns 172,515 shares of the company’s stock valued at $2,690,000 after purchasing an additional 144,014 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of First Watch Restaurant Group by 9.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 576,890 shares of the company’s stock valued at $10,736,000 after purchasing an additional 49,826 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of First Watch Restaurant Group by 23.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 309,851 shares of the company’s stock valued at $5,766,000 after purchasing an additional 58,448 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of First Watch Restaurant Group by 7.8% in the fourth quarter. JPMorgan Chase & Co. now owns 2,141,209 shares of the company’s stock valued at $39,848,000 after purchasing an additional 154,784 shares in the last quarter. Institutional investors own 96.11% of the company’s stock.

Analyst Upgrades and Downgrades

FWRG has been the subject of a number of recent research reports. Bank of America upped their target price on 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 Cowen upgraded First Watch Restaurant Group from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a research note on Tuesday, April 1st. Stephens cut their target price on First Watch Restaurant Group from $24.00 to $23.00 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 First Watch Restaurant Group in a research note on Tuesday, March 11th. Finally, Benchmark cut their target price on First Watch Restaurant Group from $26.00 to $22.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $21.36.

Insider Activity

In related news, CEO Christopher Anthony Tomasso sold 42,039 shares of the firm’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 owns 389,832 shares in the company, valued at $6,553,075.92. This trade represents a 9.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were 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 represents a 13.20% decrease in their position. The disclosure for this sale can be found here. 6.00% of the stock is currently owned by corporate insiders.

First Watch Restaurant Group Stock Performance

Shares of NASDAQ:FWRG opened at $16.38 on Wednesday. First Watch Restaurant Group, Inc. has a twelve month low of $12.90 and a twelve month high of $22.71. The firm has a market cap of $999.07 million, a PE ratio of 49.64, a price-to-earnings-growth ratio of 3.38 and a beta of 1.01. 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 business has a fifty day moving average of $17.47 and a 200-day moving average of $18.73.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its earnings results on Tuesday, May 6th. The company reported ($0.01) earnings per share 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 business had revenue of $282.24 million during the quarter, compared to analyst estimates of $282.98 million. During the same quarter last year, the business posted $0.12 earnings per share. The business’s quarterly revenue was up 16.4% compared to the same quarter last year. On average, equities research analysts predict that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

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.