Barclays PLC Acquires 144,014 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Barclays PLC grew its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 505.3% during the 3rd quarter, Holdings Channel reports. The fund owned 172,515 shares of the company’s stock after buying an additional 144,014 shares during the period. Barclays PLC’s holdings in First Watch Restaurant Group were worth $2,690,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Rocky Mountain Advisers LLC raised 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 worth $103,000 after purchasing an additional 4,250 shares during the period. SG Americas Securities LLC purchased a new stake in First Watch Restaurant Group in the third quarter worth about $119,000. XTX Topco Ltd bought a new position in shares of First Watch Restaurant Group in the third quarter worth about $157,000. Versor Investments LP purchased a new position in shares of First Watch Restaurant Group during the 3rd quarter valued at about $201,000. Finally, Commerce Bank bought a new position in shares of First Watch Restaurant Group during the 3rd quarter valued at approximately $208,000. Hedge funds and other institutional investors own 96.11% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FWRG. Raymond James lifted their price target on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the company a “strong-buy” rating in a report on Friday, November 8th. Benchmark reaffirmed a “buy” rating and issued a $23.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, October 16th. TD Cowen raised 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. Piper Sandler upped their price objective on First Watch Restaurant Group from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. Finally, Stephens lifted their target price on First Watch Restaurant Group from $20.00 to $25.00 and gave the company an “overweight” rating in a research note 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 a consensus target price of $23.30.

First Watch Restaurant Group Stock Performance

NASDAQ FWRG opened at $19.28 on Wednesday. The stock has a market capitalization of $1.17 billion, a PE ratio of 58.43, a P/E/G ratio of 5.77 and a beta of 0.89. First Watch Restaurant Group, Inc. has a 1-year low of $12.90 and a 1-year high of $25.98. The business has a 50 day simple moving average of $18.38 and a two-hundred day simple moving average of $16.89. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51.

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

Insider Activity

In other First Watch Restaurant Group news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was 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. The trade was a 29.42 % decrease in their ownership of the stock. 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.

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.