Brown Advisory Inc. Sells 32,341 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Brown Advisory Inc. lowered its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 2.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,416,481 shares of the company's stock after selling 32,341 shares during the quarter. 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.

A number of other institutional investors have also recently bought and sold shares of FWRG. Assetmark Inc. lifted its stake in First Watch Restaurant Group by 68.7% in the fourth quarter. Assetmark Inc. now owns 2,455 shares of the company's stock valued at $46,000 after buying an additional 1,000 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new position in First Watch Restaurant Group in the fourth quarter valued at $51,000. State of Wyoming increased its stake in First Watch Restaurant Group by 212.6% in the 4th quarter. State of Wyoming now owns 3,214 shares of the company's stock valued at $60,000 after buying an additional 2,186 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in First Watch Restaurant Group in the 4th quarter valued at $86,000. Finally, GAMMA Investing LLC lifted its position in First Watch Restaurant Group by 1,617.7% during the 1st quarter. GAMMA Investing LLC now owns 5,445 shares of the company's stock worth $91,000 after buying an additional 5,128 shares in the last quarter. Institutional investors own 96.11% of the company's stock.

Insider Activity

In related news, major shareholder International L.P. Advent sold 4,500,000 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $14.70, for a total transaction of $66,150,000.00. Following the completion of the sale, the insider owned 14,689,784 shares of the company's stock, valued at $215,939,824.80. This represents a 23.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 6.00% of the company's stock.

First Watch Restaurant Group Stock Performance

Shares of NASDAQ:FWRG traded down $0.29 on Friday, hitting $17.50. The company had a trading volume of 399,952 shares, compared to its average volume of 737,926. First Watch Restaurant Group, Inc. has a 1-year low of $12.90 and a 1-year high of $22.71. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of 102.94, a P/E/G ratio of 4.98 and a beta of 0.90. The stock has a 50 day moving average price of $16.22 and a 200 day moving average price of $17.98. The company has a current ratio of 0.31, a quick ratio of 0.27 and a debt-to-equity ratio of 0.32.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.04 by ($0.05). The business had revenue of $282.24 million during 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%. The company's revenue was up 16.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.12 EPS. Analysts expect that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Guggenheim cut 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. Stephens cut their price target on shares of First Watch Restaurant Group from $24.00 to $23.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. Stifel Nicolaus set a $17.00 price target on shares of First Watch Restaurant Group in a research report on Wednesday, May 7th. Benchmark lowered their target price on shares of First Watch Restaurant Group from $26.00 to $22.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Finally, TD Cowen upgraded shares of First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 target price on the stock in a report on Tuesday, April 1st. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $21.36.

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.