Ancora Advisors LLC Boosts Stake in First Watch Restaurant Group, Inc. $FWRG

Key Points

• Ancora Advisors LLC has significantly increased its stake in First Watch Restaurant Group by 372%, owning 121,010 shares valued at approximately $2 million after a recent purchase.
• Major shareholder Advent International L.P. sold 5 million shares for about $88.5 million, resulting in a 34.04% decrease in their ownership of the company.
• The stock has a consensus rating of "Buy" with an average price target of $21.09, following increases from several analysts reflecting positive market sentiment.

Ancora Advisors LLC raised its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 372.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 121,010 shares of the company's stock after buying an additional 95,370 shares during the quarter. Ancora Advisors LLC owned approximately 0.20% of First Watch Restaurant Group worth $2,015,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in First Watch Restaurant Group by 3.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,269 shares of the company's stock worth $321,000 after buying an additional 613 shares during the period. PNC Financial Services Group Inc. increased its holdings in First Watch Restaurant Group by 4.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 16,943 shares of the company's stock worth $282,000 after purchasing an additional 708 shares during the period. Oppenheimer Asset Management Inc. raised its holdings in First Watch Restaurant Group by 19.0% in the first quarter. Oppenheimer Asset Management Inc. now owns 13,039 shares of the company's stock valued at $217,000 after acquiring an additional 2,083 shares in the last quarter. State of Wyoming grew its stake in shares of First Watch Restaurant Group by 212.6% during the fourth quarter. State of Wyoming now owns 3,214 shares of the company's stock worth $60,000 after purchasing an additional 2,186 shares in the last quarter. Finally, Corebridge Financial Inc. increased its holdings in shares of First Watch Restaurant Group by 24.7% in the 1st quarter. Corebridge Financial Inc. now owns 18,812 shares of the company's stock valued at $313,000 after acquiring an additional 3,724 shares during the last quarter. Hedge funds and other institutional investors own 96.11% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on FWRG shares. TD Cowen upped their price objective on shares of First Watch Restaurant Group from $19.00 to $21.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Barclays lifted their price objective on First Watch Restaurant Group from $20.00 to $21.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Zacks Research upgraded shares of First Watch Restaurant Group to a "hold" rating in a report on Friday, August 8th. Wall Street Zen cut First Watch Restaurant Group from a "hold" rating to a "sell" rating in a report on Friday. Finally, Bank of America reduced their price objective on First Watch Restaurant Group from $23.00 to $21.00 and set a "buy" rating for the company in a report on Friday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, First Watch Restaurant Group presently has an average rating of "Buy" and an average target price of $21.09.

Insider Transactions at First Watch Restaurant Group

In related news, major shareholder International L.P. Advent sold 5,000,000 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $17.70, for a total transaction of $88,500,000.00. Following the completion of the sale, the insider owned 9,689,784 shares of the company's stock, valued at approximately $171,509,176.80. This represents a 34.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 6.00% of the company's stock.

First Watch Restaurant Group Price Performance

First Watch Restaurant Group stock traded down $0.81 during mid-day trading on Tuesday, hitting $17.45. 3,429,888 shares of the company were exchanged, compared to its average volume of 877,681. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.27 and a quick ratio of 0.23. The business's 50 day simple moving average is $17.76 and its two-hundred day simple moving average is $17.37. The company has a market capitalization of $1.06 billion, a P/E ratio of 290.88, a PEG ratio of 6.61 and a beta of 0.92. First Watch Restaurant Group, Inc. has a 12-month low of $12.90 and a 12-month high of $22.71.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its 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 firm had revenue of $307.89 million during the quarter, compared to analysts' expectations of $304.94 million. First Watch Restaurant Group had a net margin of 0.37% and a return on equity of 0.69%. First Watch Restaurant Group's revenue for the quarter was up 19.1% on a year-over-year basis. During the same quarter last year, the company posted $0.14 earnings per share. First Watch Restaurant Group has set its FY 2025 guidance at EPS. Analysts forecast that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal year.

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.