Hello bjack99,
Congrats on your new Apple Watch! With this model there are some new charging features that might be limiting how your device is charging. There is Optimized Battery Charging and Optimized Charge Limit. Take a look at the article below for full details.
About Optimized Battery Charging on your Apple Watch - Apple Support
Here's a bit of information regarding the Optimized Charge Limit:
Optimized Charge Limit on Apple Watch Ultra
Apple Watch Ultra offers more battery charge optimization with Optimized Charge Limit. This feature learns from your daily usage to determine when to charge to an optimized limit and when to allow a full charge. Optimized Charge Limit is on by default when you set up your Apple Watch Ultra.
With Optimized Charge Limit active, an open charge ring appears when you connect your Apple Watch Ultra to its charger. If you want to charge your watch beyond the optimized limit, follow these steps:
1. Make sure that your Apple Watch Ultra is connected to its charger.
2. Tap your watch to show the charging screen, then tap the circle with the green or yellow charging icon 
.
3. Tap Charge to Full Now.
If you want to turn off Optimized Charge Limit:
1. Open the Settings app on your watch.
2. Scroll down, then tap Battery.
3. Tap Battery Health.
4. Turn off Optimized Charge Limit.
5. Choose Turn Off Until Tomorrow or Turn Off.
Optimized Charge Limit changes dynamically depending on how you use your Apple Watch Ultra. Based on your usage patterns, your watch might charge to 100% on some days, and less on others.
Hope you find this information helpful!
