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 the firm’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 owns 19,189,784 shares in the company, valued at approximately $379,190,131.84. This trade represents a 29.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 Stock Down 3.8 %

Shares of FWRG opened at $18.22 on Monday. The firm has a market cap of $1.10 billion, a PE ratio of 55.21, a price-to-earnings-growth ratio of 5.35 and a beta of 0.85. The company’s fifty day moving average is $16.26 and its two-hundred day moving average is $17.16. First Watch Restaurant Group, Inc. has a fifty-two week low of $12.90 and a fifty-two week high of $25.98. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its 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). The business had revenue of $251.61 million for 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%. The business’s revenue was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.09 EPS. Analysts forecast that First Watch Restaurant Group, Inc. will post 0.31 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on FWRG shares. Stephens raised their target price on shares of 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. Raymond James raised their target price on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the stock a “strong-buy” rating in a research report on Friday, November 8th. Piper Sandler raised their target price on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. Guggenheim decreased their target price on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday, October 4th. 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 investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, First Watch Restaurant Group presently has an average rating of “Moderate Buy” and an average target price of $23.30.

Hedge Funds Weigh In On First Watch Restaurant Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. 1832 Asset Management L.P. acquired a new position in shares of First Watch Restaurant Group during the 1st quarter valued at $3,333,000. Deepwater Asset Management LLC lifted its holdings 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 valued at $12,216,000 after acquiring an additional 282,765 shares in the last quarter. Nicholas Investment Partners LP acquired a new position in shares of First Watch Restaurant Group during the 2nd quarter valued at $3,391,000. California State Teachers Retirement System lifted its holdings in shares of First Watch Restaurant Group by 15.6% during the 1st quarter. California State Teachers Retirement System now owns 31,822 shares of the company’s stock valued at $783,000 after acquiring an additional 4,294 shares in the last quarter. Finally, Schwartz Investment Counsel Inc. lifted its holdings in shares of First Watch Restaurant Group by 24.0% during the 2nd quarter. Schwartz Investment Counsel Inc. now owns 102,306 shares of the company’s stock valued at $1,796,000 after acquiring an additional 19,782 shares in the last quarter. Institutional investors and hedge funds 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.