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

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of First Watch Restaurant Group stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $19.76, for a total value of $158,080,000.00. Following the sale, the insider now directly owns 19,189,784 shares of the company’s stock, valued at approximately $379,190,131.84. This trade represents a 29.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

First Watch Restaurant Group Trading Down 3.8 %

NASDAQ:FWRG opened at $18.22 on Friday. First Watch Restaurant Group, Inc. has a 12 month low of $12.90 and a 12 month high of $25.98. The company has a 50-day moving average price of $16.26 and a 200-day moving average price of $17.27. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of 55.21, a P/E/G ratio of 5.70 and a beta of 0.85.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.02). The business had revenue of $251.61 million during the quarter, compared to the consensus estimate of $256.17 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. First Watch Restaurant Group’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.09 earnings per share. Equities analysts predict that First Watch Restaurant Group, Inc. will post 0.31 EPS for the current year.

Analyst Ratings Changes

FWRG has been the topic of a number of recent analyst reports. Stephens boosted their price target on 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. Benchmark reissued a “buy” rating and issued a $23.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, October 16th. TD Cowen boosted their price objective on First Watch Restaurant Group from $18.00 to $21.00 and gave the company a “hold” rating in a research note on Friday, November 8th. Barclays raised their price target on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Finally, Guggenheim reduced 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 research report on Friday, October 4th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $23.30.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of hedge funds and other institutional investors have recently modified their holdings of FWRG. Jane Street Group LLC boosted its stake in shares of First Watch Restaurant Group by 1.1% during the 3rd quarter. Jane Street Group LLC now owns 49,358 shares of the company’s stock worth $770,000 after purchasing an additional 551 shares during the period. Diversified Trust Co boosted its holdings in First Watch Restaurant Group by 9.8% in the third quarter. Diversified Trust Co now owns 15,750 shares of the company’s stock valued at $246,000 after purchasing an additional 1,400 shares during the last quarter. Sei Investments Co. raised its position in shares of First Watch Restaurant Group by 6.5% in the first quarter. Sei Investments Co. now owns 29,162 shares of the company’s stock worth $718,000 after acquiring an additional 1,783 shares during the period. iA Global Asset Management Inc. raised its position in shares of First Watch Restaurant Group by 10.9% during the 2nd quarter. iA Global Asset Management Inc. now owns 19,898 shares of the company’s stock worth $349,000 after purchasing an additional 1,948 shares during the last quarter. Finally, Quent Capital LLC boosted its holdings in shares of First Watch Restaurant Group by 28.6% during the 2nd quarter. Quent Capital LLC now owns 9,000 shares of the company’s stock worth $158,000 after purchasing an additional 2,000 shares during the last quarter. Institutional investors own 96.11% of the company’s stock.

About First Watch Restaurant Group

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.