Deepwater Asset Management LLC Lowers Stock Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Deepwater Asset Management LLC cut its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 1.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 788,470 shares of the company’s stock after selling 14,155 shares during the period. First Watch Restaurant Group makes up 4.8% of Deepwater Asset Management LLC’s holdings, making the stock its 14th biggest holding. Deepwater Asset Management LLC owned approximately 1.30% of First Watch Restaurant Group worth $14,673,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in FWRG. Rocky Mountain Advisers LLC increased its holdings in First Watch Restaurant Group by 180.1% in the 3rd quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company’s stock valued at $103,000 after purchasing an additional 4,250 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of First Watch Restaurant Group during the third quarter worth $119,000. XTX Topco Ltd acquired a new stake in shares of First Watch Restaurant Group in the third quarter valued at $157,000. Versor Investments LP purchased a new stake in shares of First Watch Restaurant Group in the 3rd quarter valued at $201,000. Finally, Commerce Bank acquired a new position in First Watch Restaurant Group during the 3rd quarter worth about $208,000. 96.11% of the stock is owned by hedge funds and other institutional investors.

First Watch Restaurant Group Trading Down 1.1 %

FWRG opened at $20.98 on Monday. 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, Inc. has a one year low of $12.90 and a one year high of $25.98. The company has a market cap of $1.27 billion, a P/E ratio of 63.58, a PEG ratio of 3.50 and a beta of 0.91. The business’s 50-day simple moving average is $19.21 and its 200-day simple moving average is $17.30.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings data 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 company had revenue of $251.61 million for the quarter, compared to analyst estimates 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 revenue for the quarter was up 14.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.09 EPS. As a group, equities research analysts expect that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on FWRG shares. TD Cowen raised their price objective on shares of 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. Benchmark restated a “buy” rating and issued a $23.00 price target on shares of First Watch Restaurant Group in a research note on Wednesday, October 16th. Piper Sandler increased their price objective on First Watch Restaurant Group from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Raymond James boosted their target price on First Watch Restaurant Group from $22.00 to $25.00 and gave the stock a “strong-buy” rating in a research note on Friday, November 8th. Finally, Stephens reaffirmed an “overweight” rating and issued a $25.00 price target on shares of First Watch Restaurant Group in a research report on Tuesday, January 28th. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, First Watch Restaurant Group presently has an average rating of “Moderate Buy” and an average price target of $23.30.

Insiders Place Their Bets

In other news, 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 shares were sold at an average price of $19.76, for a total value of $158,080,000.00. Following the transaction, the insider now directly owns 19,189,784 shares of the company’s stock, valued at $379,190,131.84. The trade was a 29.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 5.00% 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.