Avory & Company LLC Takes Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Avory & Company LLC bought a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 341,553 shares of the company's stock, valued at approximately $5,687,000. First Watch Restaurant Group comprises approximately 3.5% of Avory & Company LLC's portfolio, making the stock its 10th largest position. Avory & Company LLC owned about 0.56% of First Watch Restaurant Group as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Lazard Asset Management LLC purchased a new position in shares of First Watch Restaurant Group in the fourth quarter valued at about $39,095,000. Champlain Investment Partners LLC increased its holdings in First Watch Restaurant Group by 59.0% during the 4th quarter. Champlain Investment Partners LLC now owns 2,582,303 shares of the company's stock valued at $48,057,000 after purchasing an additional 958,417 shares during the period. Mesirow Institutional Investment Management Inc. purchased a new position in First Watch Restaurant Group during the 4th quarter valued at about $15,506,000. Clearbridge Investments LLC bought a new position in First Watch Restaurant Group during the 4th quarter valued at approximately $12,732,000. Finally, Vanguard Group Inc. lifted its holdings in First Watch Restaurant Group by 25.6% in the 4th quarter. Vanguard Group Inc. now owns 2,351,614 shares of the company's stock worth $43,764,000 after buying an additional 479,741 shares during the period. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at First Watch Restaurant Group

In other First Watch Restaurant Group news, major shareholder International L.P. Advent sold 4,500,000 shares of First Watch Restaurant Group stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $14.70, for a total value of $66,150,000.00. Following the completion of the transaction, the insider now directly owns 14,689,784 shares of the company's stock, valued at approximately $215,939,824.80. The trade was a 23.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 6.00% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Piper Sandler reduced their target price on First Watch Restaurant Group from $23.00 to $20.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. Stifel Nicolaus set a $17.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, May 7th. TD Securities restated a "buy" rating and issued a $19.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, June 4th. Sanford C. Bernstein set a $21.00 target price on shares of First Watch Restaurant Group in a research report on Tuesday, March 11th. Finally, Guggenheim reduced their price target on shares of First Watch Restaurant Group from $23.00 to $22.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, First Watch Restaurant Group presently has an average rating of "Buy" and an average price target of $21.36.

First Watch Restaurant Group Stock Down 2.1%

NASDAQ FWRG traded down $0.35 during trading hours on Friday, reaching $16.11. 1,552,971 shares of the company's stock traded hands, compared to its average volume of 748,398. First Watch Restaurant Group, Inc. has a 52-week low of $12.90 and a 52-week high of $22.71. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.31 and a quick ratio of 0.27. The firm has a 50-day simple moving average of $16.62 and a 200 day simple moving average of $18.13. The firm has a market cap of $982.55 million, a PE ratio of 94.76, a PEG ratio of 4.28 and a beta of 0.90.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($0.01) earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.05). First Watch Restaurant Group had a net margin of 1.03% and a return on equity of 1.84%. The business had revenue of $282.24 million for the quarter, compared to the consensus estimate of $282.98 million. During the same period in the prior year, the business posted $0.12 EPS. First Watch Restaurant Group's revenue for the quarter was up 16.4% on a year-over-year basis. Sell-side analysts anticipate that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

First Watch Restaurant Group 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.