Commerce Bank Acquires New Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Commerce Bank acquired a new stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 13,310 shares of the company’s stock, valued at approximately $208,000.

Other large investors also recently bought and sold shares of the company. Rocky Mountain Advisers LLC grew its stake in shares of 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 during the period. SG Americas Securities LLC purchased a new stake in shares of First Watch Restaurant Group in the 3rd quarter valued at approximately $119,000. Quent Capital LLC grew its stake in shares of First Watch Restaurant Group by 28.6% in the 2nd quarter. Quent Capital LLC now owns 9,000 shares of the company’s stock valued at $158,000 after buying an additional 2,000 shares during the period. Versor Investments LP purchased a new stake in shares of First Watch Restaurant Group in the 3rd quarter valued at approximately $201,000. Finally, Janus Henderson Group PLC purchased a new stake in shares of First Watch Restaurant Group in the 1st quarter valued at approximately $226,000. Hedge funds and other institutional investors own 96.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on FWRG shares. Barclays increased their price objective on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Piper Sandler increased their price objective on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. Guggenheim lowered their price objective 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. Benchmark reaffirmed a “buy” rating and set a $23.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Finally, Stephens increased their price objective on shares of First Watch Restaurant Group from $20.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Two equities 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 data from MarketBeat, First Watch Restaurant Group has an average rating of “Moderate Buy” and a consensus target price of $23.30.

First Watch Restaurant Group Trading Up 2.2 %

NASDAQ FWRG opened at $18.89 on Thursday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51. The firm’s fifty day moving average price is $16.64 and its 200 day moving average price is $16.91. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of 56.97, a price-to-earnings-growth ratio of 5.48 and a beta of 0.85. 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 posted its earnings results on Thursday, November 7th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates 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 net margin of 2.09% and a return on equity of 3.61%. The company’s quarterly revenue was up 14.8% on a year-over-year basis. During the same period last year, the business earned $0.09 earnings per share. On average, sell-side analysts expect that First Watch Restaurant Group, Inc. will post 0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of First Watch Restaurant Group stock in a transaction dated 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 $379,190,131.84. The trade was a 29.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.00% of the stock is currently owned by insiders.

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.