12 West Capital Management LP Sells 522,705 Shares of First Watch Restaurant Group, Inc. $FWRG

Key Points

• 12 West Capital Management LP has reduced its stake in First Watch Restaurant Group by 26.0%, now owning approximately 1,490,701 shares valued at $24.82 million.
• Institutional investors currently own 96.11% of the stock, indicating strong institutional interest, with several firms significantly increasing their positions in recent quarters.
• After missing the earnings estimates for the last quarter, First Watch Restaurant Group's stock has seen revisions in price targets by multiple analysts, with current ratings predominantly classified as Buy.

12 West Capital Management LP lessened its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 26.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,490,701 shares of the company's stock after selling 522,705 shares during the quarter. First Watch Restaurant Group makes up approximately 3.7% of 12 West Capital Management LP's holdings, making the stock its 10th biggest holding. 12 West Capital Management LP owned about 2.44% of First Watch Restaurant Group worth $24,820,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Royal Bank of Canada boosted its stake in shares of First Watch Restaurant Group by 67.3% in the 1st quarter. Royal Bank of Canada now owns 54,267 shares of the company's stock valued at $903,000 after purchasing an additional 21,830 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of First Watch Restaurant Group by 0.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,539,692 shares of the company's stock valued at $25,636,000 after purchasing an additional 11,564 shares during the last quarter. State of Wyoming boosted its stake in shares of First Watch Restaurant Group by 83.0% in the 1st quarter. State of Wyoming now owns 5,882 shares of the company's stock valued at $98,000 after purchasing an additional 2,668 shares during the last quarter. Corebridge Financial Inc. increased its stake 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. Finally, MetLife Investment Management LLC increased its stake in shares of First Watch Restaurant Group by 3,919.8% in the 1st quarter. MetLife Investment Management LLC now owns 834,830 shares of the company's stock valued at $13,900,000 after acquiring an additional 814,062 shares during the last quarter. Institutional investors own 96.11% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Barclays upped their target price on shares of First Watch Restaurant Group from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Zacks Research raised shares of First Watch Restaurant Group to a "hold" rating in a research note on Friday, August 8th. Stephens upped 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 research note on Wednesday, August 6th. Raymond James Financial upped their target price on shares of First Watch Restaurant Group from $21.00 to $22.00 and gave the company a "strong-buy" rating in a research note on Thursday, July 17th. Finally, Wall Street Zen downgraded shares of First Watch Restaurant Group from a "hold" rating to a "sell" rating in a research note on Friday. One equities research 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $21.09.

First Watch Restaurant Group Stock Down 0.4%

Shares of NASDAQ:FWRG traded down $0.07 during mid-day trading on Friday, reaching $18.59. 982,998 shares of the stock were exchanged, compared to its average volume of 909,060. 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 company has a market cap of $1.13 billion, a P/E ratio of 309.88, a P/E/G ratio of 6.61 and a beta of 0.92. First Watch Restaurant Group, Inc. has a one year low of $12.90 and a one year high of $22.71. The stock's 50 day simple moving average is $17.72 and its 200-day simple moving average is $17.41.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.04). The firm had revenue of $307.89 million for the quarter, compared to the consensus estimate of $304.94 million. First Watch Restaurant Group had a return on equity of 0.69% and a net margin of 0.37%.The firm's quarterly revenue was up 19.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.14 earnings per share. First Watch Restaurant Group has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder International L.P. Advent sold 5,000,000 shares of the stock in a transaction 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 transaction, the insider owned 9,689,784 shares in the company, valued at approximately $171,509,176.80. This represents a 34.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 6.00% of the company's stock.

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.