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

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the firm’s stock in a transaction that occurred 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 directly owns 19,189,784 shares of the company’s stock, valued at $379,190,131.84. This trade represents a 29.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

First Watch Restaurant Group Trading Down 3.8 %

FWRG opened at $18.22 on Friday. First Watch Restaurant Group, Inc. has a one year low of $12.90 and a one year high of $25.98. The stock has a market capitalization of $1.10 billion, a PE ratio of 55.21, a P/E/G ratio of 5.70 and a beta of 0.85. The business’s 50 day moving average price is $16.26 and its 200 day moving average price is $17.27. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.03 earnings per share (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 analyst estimates of $256.17 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. First Watch Restaurant Group’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.09 EPS. As a group, equities research analysts expect that First Watch Restaurant Group, Inc. will post 0.31 EPS for the current year.

Analyst Ratings Changes

Several analysts have issued reports on FWRG shares. TD Cowen boosted their price target on First Watch Restaurant Group from $18.00 to $21.00 and gave the company a “hold” rating in a report on Friday, November 8th. 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 restated a “buy” rating and issued a $23.00 price target on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Piper Sandler increased their price target on First Watch Restaurant Group from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Finally, Barclays raised 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 research report on Friday, November 8th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $23.30.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Mutual of America Capital Management LLC acquired a new stake in shares of First Watch Restaurant Group during the 3rd quarter worth about $5,757,000. ArrowMark Colorado Holdings LLC acquired a new position in First Watch Restaurant Group in the third quarter valued at approximately $5,120,000. Point72 Asset Management L.P. acquired a new position in First Watch Restaurant Group during the 3rd quarter valued at about $4,719,000. Deepwater Asset Management LLC raised its position in shares of First Watch Restaurant Group by 68.5% during the 2nd quarter. Deepwater Asset Management LLC now owns 695,649 shares of the company’s stock worth $12,216,000 after buying an additional 282,765 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in First Watch Restaurant Group by 26.5% during the second 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. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

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.