Allspring Global Investments Holdings LLC Trims Position in First Watch Restaurant Group, Inc. $FWRG

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in First Watch Restaurant Group by 36.5%, decreasing its holdings to 345,225 shares valued at approximately $5.54 million.
• Multiple hedge funds have increased their positions in First Watch, with Fifth Third Bancorp leading the charge by raising its stake by an impressive 8,815.8% during the same period.
• Analysts have mixed views on the stock: while Raymond James upped their price target to $22 with a "strong-buy" rating, Zacks Research downgraded it to a "strong sell," highlighting a divergence in market sentiment.

Allspring Global Investments Holdings LLC cut its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 36.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 345,225 shares of the company's stock after selling 198,638 shares during the period. Allspring Global Investments Holdings LLC owned 0.57% of First Watch Restaurant Group worth $5,537,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in FWRG. Fifth Third Bancorp increased its stake in shares of First Watch Restaurant Group by 8,815.8% during the second quarter. Fifth Third Bancorp now owns 1,694 shares of the company's stock valued at $27,000 after buying an additional 1,675 shares during the period. GAMMA Investing LLC grew its stake in First Watch Restaurant Group by 1,617.7% in the first quarter. GAMMA Investing LLC now owns 5,445 shares of the company's stock worth $91,000 after purchasing an additional 5,128 shares during the period. State of Wyoming grew its stake in First Watch Restaurant Group by 83.0% in the first quarter. State of Wyoming now owns 5,882 shares of the company's stock worth $98,000 after purchasing an additional 2,668 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in First Watch Restaurant Group by 85.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,807 shares of the company's stock worth $163,000 after purchasing an additional 4,512 shares during the period. Finally, LVW Advisors LLC purchased a new stake in First Watch Restaurant Group in the second quarter worth $173,000. 96.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on FWRG shares. Raymond James Financial upped their price target on First Watch Restaurant Group from $21.00 to $22.00 and gave the stock a "strong-buy" rating in a research note on Thursday, July 17th. Zacks Research cut First Watch Restaurant Group from a "hold" rating to a "strong sell" rating in a research note on Monday, October 6th. Bank of America reduced their price target on First Watch Restaurant Group from $23.00 to $21.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Barclays upped their price target on First Watch Restaurant Group from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Finally, Stephens upped their price target on First Watch Restaurant Group from $23.00 to $24.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $21.09.

First Watch Restaurant Group Trading Up 0.9%

NASDAQ FWRG opened at $18.09 on Tuesday. First Watch Restaurant Group, Inc. has a 12 month low of $12.90 and a 12 month high of $22.71. The stock has a market cap of $1.10 billion, a P/E ratio of 301.55, a P/E/G ratio of 5.87 and a beta of 0.87. The stock's fifty day moving average price is $17.20 and its 200-day moving average price is $17.04. The company has a current ratio of 0.27, a quick ratio of 0.23 and a debt-to-equity ratio of 0.42.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.04). The business had revenue of $307.89 million for the quarter, compared to the consensus estimate of $304.94 million. First Watch Restaurant Group had a net margin of 0.37% and a return on equity of 0.69%. The company's revenue for the quarter was up 19.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.14 earnings per share. First Watch Restaurant Group has set its FY 2025 guidance at EPS. As a group, equities analysts forecast that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder International L.P. Advent sold 5,000,000 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $17.70, for a total transaction of $88,500,000.00. Following the transaction, the insider directly owned 9,689,784 shares of the company's stock, valued at $171,509,176.80. This represents a 34.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 6.00% of the stock is currently owned by insiders.

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.

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