Pamalican Asset Management Ltd Makes New $910,000 Investment in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Pamalican Asset Management Ltd acquired a new stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 48,896 shares of the company’s stock, valued at approximately $910,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in FWRG. Landscape Capital Management L.L.C. bought a new position in First Watch Restaurant Group in the 4th quarter valued at about $2,771,000. Geode Capital Management LLC lifted its holdings in shares of First Watch Restaurant Group by 12.0% in the fourth quarter. Geode Capital Management LLC now owns 862,073 shares of the company’s stock valued at $16,047,000 after purchasing an additional 92,465 shares in the last quarter. B. Metzler seel. Sohn & Co. AG boosted its position in shares of First Watch Restaurant Group by 45.6% during the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 146,097 shares of the company’s stock valued at $2,719,000 after buying an additional 45,730 shares during the last quarter. Alliancebernstein L.P. grew its holdings in First Watch Restaurant Group by 14.0% during the fourth quarter. Alliancebernstein L.P. now owns 28,060 shares of the company’s stock worth $522,000 after buying an additional 3,450 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in First Watch Restaurant Group by 4.2% in the 4th quarter. Wellington Management Group LLP now owns 847,870 shares of the company’s stock valued at $15,779,000 after buying an additional 34,200 shares during the last quarter. 96.11% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Christopher Anthony Tomasso sold 42,039 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total transaction of $706,675.59. Following the sale, the chief executive officer now directly owns 389,832 shares in the company, valued at $6,553,075.92. This represents a 9.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total transaction of $96,539.83. Following the completion of the sale, the insider now directly owns 37,768 shares in the company, valued at approximately $634,880.08. The trade was a 13.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 5.00% of the company’s stock.

First Watch Restaurant Group Stock Performance

NASDAQ:FWRG opened at $17.18 on Friday. The company has a market capitalization of $1.04 billion, a P/E ratio of 52.06, a P/E/G ratio of 3.38 and a beta of 0.91. The business has a fifty day simple moving average of $19.26 and a two-hundred day simple moving average of $18.23. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51. First Watch Restaurant Group, Inc. has a 1 year low of $12.90 and a 1 year high of $25.98.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings data on Tuesday, March 11th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.01). The firm had revenue of $263.30 million during the quarter, compared to analysts’ expectations of $262.82 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The company’s revenue was up 7.6% compared to the same quarter last year. During the same period last year, the business posted $0.04 EPS. On average, analysts expect that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current year.

Analyst Ratings Changes

FWRG has been the topic of a number of analyst reports. Bank of America lifted their price objective on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, March 12th. Sanford C. Bernstein set a $21.00 price objective on shares of First Watch Restaurant Group in a research report on Tuesday, March 11th. Barclays reiterated an “overweight” rating and issued a $21.00 price objective (down previously from $24.00) on shares of First Watch Restaurant Group in a research note on Tuesday, March 11th. Stephens restated an “overweight” rating and issued a $24.00 target price on shares of First Watch Restaurant Group in a research note on Thursday, March 20th. Finally, TD Cowen raised First Watch Restaurant Group from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a research report on Tuesday. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, First Watch Restaurant Group currently has a consensus rating of “Buy” and an average price target of $22.45.

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.