Point72 Asset Management L.P. Invests $4.72 Million in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Point72 Asset Management L.P. bought a new position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 302,529 shares of the company’s stock, valued at approximately $4,719,000. Point72 Asset Management L.P. owned approximately 0.50% of First Watch Restaurant Group as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. ArrowMark Colorado Holdings LLC bought a new stake in First Watch Restaurant Group in the 3rd quarter valued at about $5,120,000. Walleye Capital LLC acquired a new stake in First Watch Restaurant Group in the third quarter valued at approximately $215,000. FMR LLC grew its stake in First Watch Restaurant Group by 9.5% in the third quarter. FMR LLC now owns 625,523 shares of the company’s stock valued at $9,758,000 after acquiring an additional 54,282 shares during the period. The Manufacturers Life Insurance Company increased its holdings 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 valued at $23,919,000 after acquiring an additional 192,471 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of First Watch Restaurant Group during the third quarter worth approximately $342,000. Institutional investors and hedge funds own 96.11% of the company’s stock.

First Watch Restaurant Group Stock Performance

FWRG stock opened at $19.33 on Monday. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. The firm has a market cap of $1.17 billion, a PE ratio of 58.58, a P/E/G ratio of 5.54 and a beta of 0.89. The business has a 50 day moving average of $17.20 and a 200-day moving average of $16.89. First Watch Restaurant Group, Inc. has a 12-month low of $12.90 and a 12-month high of $25.98.

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 business had revenue of $251.61 million for the quarter, compared to analysts’ expectations of $256.17 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The company’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.09 earnings per share. As a group, sell-side analysts expect that First Watch Restaurant Group, Inc. will post 0.31 earnings per share for the current year.

Analysts Set New Price Targets

FWRG has been the subject of several research reports. Piper Sandler lifted their price target on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Benchmark reiterated a “buy” rating and set a $23.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, October 16th. Barclays upped their target price on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. TD Cowen lifted their price target 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, Guggenheim lowered their price objective on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating for the company in a research note on Friday, October 4th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $23.30.

Insider Buying and Selling at First Watch Restaurant Group

In related news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of First Watch Restaurant Group stock in a transaction that occurred 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 sale, the insider now owns 19,189,784 shares of the company’s stock, valued at approximately $379,190,131.84. The trade was a 29.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 5.00% of the company’s stock.

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.