MetLife Investment Management LLC Raises Stake in First Watch Restaurant Group, Inc. $FWRG

Key Points

• MetLife Investment Management LLC increased its stake in First Watch Restaurant Group by 3,919.8%, owning 834,830 shares valued at approximately $13.9 million as of its latest SEC filing.
• Major shareholder Advent International L.P. sold 5 million shares for $88.5 million, resulting in a 34.04% decrease in their ownership.
• First Watch Restaurant Group's shares have seen a 1-year price range from $12.90 to $22.71, with the company reporting quarterly revenue of $307.89 million, surpassing analyst expectations.

MetLife Investment Management LLC raised its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 3,919.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 834,830 shares of the company's stock after purchasing an additional 814,062 shares during the period. MetLife Investment Management LLC owned 1.37% of First Watch Restaurant Group worth $13,900,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in First Watch Restaurant Group by 3.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,269 shares of the company's stock valued at $321,000 after purchasing an additional 613 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in First Watch Restaurant Group by 4.4% in the first quarter. PNC Financial Services Group Inc. now owns 16,943 shares of the company's stock valued at $282,000 after purchasing an additional 708 shares during the last quarter. Mariner LLC increased its stake in First Watch Restaurant Group by 5.1% in the fourth quarter. Mariner LLC now owns 21,446 shares of the company's stock valued at $399,000 after purchasing an additional 1,033 shares during the last quarter. Oppenheimer Asset Management Inc. grew its position in shares of First Watch Restaurant Group by 19.0% during the first quarter. Oppenheimer Asset Management Inc. now owns 13,039 shares of the company's stock worth $217,000 after acquiring an additional 2,083 shares during the last quarter. Finally, State of Wyoming increased its holdings in shares of 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 acquiring an additional 2,186 shares during the period. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on FWRG shares. Bank of America cut their target price on shares of First Watch Restaurant Group from $23.00 to $21.00 and set a "buy" rating on the stock in a report on Friday, July 18th. Zacks Research raised shares of First Watch Restaurant Group to a "hold" rating in a report on Friday, August 8th. TD Cowen lifted their target price on shares of First Watch Restaurant Group from $19.00 to $21.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Stifel Nicolaus set a $17.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, May 7th. Finally, Stephens lifted their target price on shares of First Watch Restaurant Group from $23.00 to $24.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $21.09.

Insiders Place Their Bets

In related news, major shareholder International L.P. Advent sold 5,000,000 shares of First Watch Restaurant Group stock in a transaction on Friday, August 8th. The shares were sold at an average price of $17.70, for a total value of $88,500,000.00. Following the transaction, the insider directly owned 9,689,784 shares in the company, valued at $171,509,176.80. This trade represents a 34.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 6.00% of the stock is currently owned by company insiders.

First Watch Restaurant Group Stock Performance

NASDAQ:FWRG traded up $0.01 during midday trading on Friday, reaching $18.84. The stock had a trading volume of 507,086 shares, compared to its average volume of 1,361,804. The firm has a fifty day simple moving average of $17.43 and a two-hundred day simple moving average of $17.49. First Watch Restaurant Group, Inc. has a 12-month low of $12.90 and a 12-month high of $22.71. The company has a quick ratio of 0.23, a current ratio of 0.27 and a debt-to-equity ratio of 0.42. The stock has a market cap of $1.15 billion, a P/E ratio of 314.05, a P/E/G ratio of 6.70 and a beta of 0.91.

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