Point72 Asset Management L.P. Acquires New Shares in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Point72 Asset Management L.P. acquired a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) in the third quarter, Holdings Channel.com reports. The firm acquired 302,529 shares of the company’s stock, valued at approximately $4,719,000.

Other hedge funds have also bought and sold shares of the company. Rocky Mountain Advisers LLC grew its stake in First Watch Restaurant Group by 180.1% in the 3rd quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company’s stock valued at $103,000 after buying an additional 4,250 shares in the last quarter. SG Americas Securities LLC purchased a new position in First Watch Restaurant Group in the 3rd quarter valued at approximately $119,000. Versor Investments LP purchased a new position in First Watch Restaurant Group in the 3rd quarter valued at approximately $201,000. Commerce Bank purchased a new position in First Watch Restaurant Group in the 3rd quarter valued at approximately $208,000. Finally, Walleye Capital LLC purchased a new position in First Watch Restaurant Group in the 3rd quarter valued at approximately $215,000. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Piper Sandler lifted their price objective on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Guggenheim reduced their price target on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, October 4th. Barclays boosted their price target on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Stephens boosted their price target on shares of First Watch Restaurant Group from $20.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Finally, TD Cowen boosted their price target on shares of First Watch Restaurant Group from $18.00 to $21.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, First Watch Restaurant Group currently has a consensus rating of “Moderate Buy” and an average target price of $23.30.

First Watch Restaurant Group Stock Down 1.5 %

Shares of NASDAQ:FWRG opened at $19.33 on Monday. First Watch Restaurant Group, Inc. has a 52-week low of $12.90 and a 52-week high of $25.98. The firm has a fifty day moving average of $17.20 and a 200 day moving average of $16.89. The firm has a market capitalization of $1.17 billion, a PE ratio of 58.58, a price-to-earnings-growth ratio of 5.54 and a beta of 0.89. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its earnings results on Thursday, November 7th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.02). The company had revenue of $251.61 million during the quarter, compared to analysts’ expectations of $256.17 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The firm’s revenue was up 14.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.09 earnings per share. As a group, research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other First Watch Restaurant Group news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $19.76, for a total value of $158,080,000.00. Following the completion of the sale, the insider now directly owns 19,189,784 shares of the company’s stock, valued at $379,190,131.84. The trade was a 29.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 5.00% of the stock is currently owned by insiders.

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.