Advent Partners Gpe Viii Limit Sells 8,000,000 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Stock

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $19.76, for a total transaction 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. This represents a 29.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

First Watch Restaurant Group Stock Down 3.8 %

Shares of First Watch Restaurant Group stock opened at $18.22 on Friday. The company’s fifty day simple moving average is $16.26 and its two-hundred day simple moving average is $17.21. The company has a market cap of $1.10 billion, a P/E ratio of 55.21, a PEG ratio of 5.70 and a beta of 0.85. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. 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 released its earnings results on Thursday, November 7th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). The business had revenue of $251.61 million during the quarter, compared to analysts’ expectations of $256.17 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The firm’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.09 earnings per share. Research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.31 EPS for the current year.

Institutional Trading of First Watch Restaurant Group

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of First Watch Restaurant Group by 18.8% in the 1st quarter. Vanguard Group Inc. now owns 1,611,452 shares of the company’s stock worth $39,674,000 after buying an additional 255,307 shares during the period. The Manufacturers Life Insurance Company grew its position in First Watch Restaurant Group by 14.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,533,290 shares of the company’s stock valued at $23,919,000 after purchasing an additional 192,471 shares during the last quarter. Dimensional Fund Advisors LP grew its position in First Watch Restaurant Group by 15.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,385,972 shares of the company’s stock valued at $24,338,000 after purchasing an additional 189,740 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in First Watch Restaurant Group by 26.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,340,819 shares of the company’s stock valued at $23,545,000 after purchasing an additional 281,056 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in First Watch Restaurant Group by 7.9% during the 3rd quarter. Wellington Management Group LLP now owns 813,670 shares of the company’s stock valued at $12,693,000 after purchasing an additional 59,508 shares during the last quarter. 96.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FWRG has been the subject of a number of recent analyst reports. Piper Sandler upped 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 report on Monday, November 11th. Guggenheim lowered their price target on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating for the company in a report on Friday, October 4th. Stephens upped their price target on shares of First Watch Restaurant Group from $20.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Barclays upped their price target on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, Raymond James boosted their price objective on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the company a “strong-buy” rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, First Watch Restaurant Group has a consensus rating of “Moderate Buy” and a consensus target price of $23.30.

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.