First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Stock Position Lowered by Brown Advisory Inc.

Brown Advisory Inc. reduced its position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 2.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,416,481 shares of the company's stock after selling 32,341 shares during the period. Brown Advisory Inc. owned about 2.32% of First Watch Restaurant Group worth $23,584,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its stake in First Watch Restaurant Group by 2.7% during the fourth quarter. Bank of New York Mellon Corp now owns 78,621 shares of the company's stock valued at $1,463,000 after purchasing an additional 2,033 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of First Watch Restaurant Group by 23.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 309,851 shares of the company's stock valued at $5,766,000 after buying an additional 58,448 shares during the last quarter. Assetmark Inc. grew its position in shares of First Watch Restaurant Group by 68.7% during the 4th quarter. Assetmark Inc. now owns 2,455 shares of the company's stock valued at $46,000 after buying an additional 1,000 shares during the last quarter. M&T Bank Corp raised its stake in First Watch Restaurant Group by 38.1% during the fourth quarter. M&T Bank Corp now owns 45,415 shares of the company's stock worth $846,000 after acquiring an additional 12,528 shares during the period. Finally, Arizona State Retirement System bought a new position in First Watch Restaurant Group in the fourth quarter worth about $228,000. 96.11% of the stock is currently owned by institutional investors.

Insider Activity at First Watch Restaurant Group

In other news, major shareholder International L.P. Advent sold 4,500,000 shares of the stock in a transaction that occurred on 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 directly owned 14,689,784 shares in the company, valued at $215,939,824.80. This trade represents a 23.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 6.00% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FWRG. Piper Sandler lowered their target price on First Watch Restaurant Group from $23.00 to $20.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Stephens reduced their price objective on First Watch Restaurant Group from $24.00 to $23.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. TD Cowen raised First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 target price on the stock in a research report on Tuesday, April 1st. Guggenheim cut their target price on First Watch Restaurant Group from $23.00 to $22.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Finally, TD Securities reissued a "buy" rating and set a $19.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, June 4th. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $21.36.

First Watch Restaurant Group Stock Performance

FWRG stock traded down $0.29 during trading on Friday, reaching $17.50. 399,952 shares of the company's stock were exchanged, compared to its average volume of 737,004. First Watch Restaurant Group, Inc. has a 1-year low of $12.90 and a 1-year high of $22.71. The firm has a market cap of $1.07 billion, a PE ratio of 102.94, a P/E/G ratio of 5.06 and a beta of 0.90. The company's fifty day moving average price is $16.22 and its 200-day moving average price is $17.99. The company has a quick ratio of 0.27, a current ratio of 0.31 and a debt-to-equity ratio of 0.32.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its quarterly earnings data 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). The company had revenue of $282.24 million for the quarter, compared to the consensus estimate of $282.98 million. First Watch Restaurant Group had a net margin of 1.03% and a return on equity of 1.84%. First Watch Restaurant Group's revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.12 earnings per share. On average, research analysts expect that First Watch Restaurant Group, Inc. will post 0.32 EPS 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.