369,014 Shares in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Acquired by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC bought a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 369,014 shares of the company’s stock, valued at approximately $5,757,000.

Several other hedge funds have also recently added to or reduced their stakes in FWRG. Diversified Trust Co grew its holdings in First Watch Restaurant Group by 9.8% during the 3rd quarter. Diversified Trust Co now owns 15,750 shares of the company’s stock worth $246,000 after acquiring an additional 1,400 shares during the period. Sei Investments Co. increased its holdings in First Watch Restaurant Group by 6.5% in the first quarter. Sei Investments Co. now owns 29,162 shares of the company’s stock worth $718,000 after purchasing an additional 1,783 shares in the last quarter. iA Global Asset Management Inc. lifted its stake in First Watch Restaurant Group by 10.9% in the second quarter. iA Global Asset Management Inc. now owns 19,898 shares of the company’s stock valued at $349,000 after buying an additional 1,948 shares during the period. Quent Capital LLC boosted its holdings in shares of First Watch Restaurant Group by 28.6% during the 2nd quarter. Quent Capital LLC now owns 9,000 shares of the company’s stock worth $158,000 after buying an additional 2,000 shares in the last quarter. Finally, Bayesian Capital Management LP increased its stake in shares of First Watch Restaurant Group by 17.6% in the 1st quarter. Bayesian Capital Management LP now owns 19,369 shares of the company’s stock valued at $477,000 after acquiring an additional 2,900 shares in the last quarter. Institutional investors own 96.11% of the company’s stock.

Analysts Set New Price Targets

FWRG has been the topic of several research analyst reports. Raymond James increased their target price on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the stock a “strong-buy” rating in a research note on Friday, November 8th. Barclays raised their target price on First Watch Restaurant Group from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Guggenheim dropped their price target on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday, October 4th. TD Cowen raised their price objective on First Watch Restaurant Group from $18.00 to $21.00 and gave the company a “hold” rating in a research note on Friday, November 8th. Finally, Piper Sandler boosted their price objective on First Watch Restaurant Group from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Two research 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $23.30.

Insider Buying and Selling

In related news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of First Watch Restaurant Group stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $19.76, for a total transaction of $158,080,000.00. Following the sale, the insider now directly owns 19,189,784 shares in the company, valued at approximately $379,190,131.84. This trade represents a 29.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.00% of the stock is owned by corporate insiders.

First Watch Restaurant Group Stock Down 2.3 %

FWRG stock opened at $17.17 on Wednesday. The firm has a market capitalization of $1.04 billion, a PE ratio of 52.03, a P/E/G ratio of 5.35 and a beta of 0.85. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. First Watch Restaurant Group, Inc. has a twelve month low of $12.90 and a twelve month high of $25.98. The stock’s 50 day moving average is $16.34 and its 200-day moving average is $17.05.

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

First Watch Restaurant Group Company 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.