Wellington Management Group LLP Sells 16,765 Shares of First Watch Restaurant Group, Inc. $FWRG

Key Points

• Wellington Management Group LLP reduced its stakes in First Watch Restaurant Group by 2.0%, now owning 831,105 shares valued at approximately $13.8 million.
• Major shareholder International L.P. Advent sold 5 million shares of First Watch for about $88.5 million, reducing their ownership by 34.04%.
• The company reported revenue growth of 19.1% year-over-year, but missed earnings expectations in its latest quarterly results.

Wellington Management Group LLP reduced its position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 2.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 831,105 shares of the company's stock after selling 16,765 shares during the quarter. Wellington Management Group LLP owned 1.36% of First Watch Restaurant Group worth $13,838,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FWRG. Sumitomo Mitsui Trust Group Inc. purchased a new stake in First Watch Restaurant Group during the 1st quarter valued at about $259,000. SG Americas Securities LLC boosted its holdings in First Watch Restaurant Group by 272.0% during the 1st quarter. SG Americas Securities LLC now owns 56,466 shares of the company's stock valued at $940,000 after acquiring an additional 41,289 shares during the period. Bank of New York Mellon Corp boosted its holdings in First Watch Restaurant Group by 203.6% during the 1st quarter. Bank of New York Mellon Corp now owns 238,661 shares of the company's stock valued at $3,974,000 after acquiring an additional 160,040 shares during the period. Stephens Investment Management Group LLC boosted its holdings in First Watch Restaurant Group by 2.2% during the 1st quarter. Stephens Investment Management Group LLC now owns 708,663 shares of the company's stock valued at $11,799,000 after acquiring an additional 15,304 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in First Watch Restaurant Group by 85.2% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,807 shares of the company's stock valued at $163,000 after acquiring an additional 4,512 shares during the period. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on FWRG shares. TD Securities restated a "buy" rating and set a $19.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, June 4th. Stifel Nicolaus set a $17.00 target price on First Watch Restaurant Group in a report on Wednesday, May 7th. Barclays upped their price target on First Watch Restaurant Group from $20.00 to $21.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. Benchmark upped their price target on First Watch Restaurant Group from $22.00 to $24.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Finally, Piper Sandler lowered their price target on First Watch Restaurant Group from $23.00 to $20.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, First Watch Restaurant Group has an average rating of "Buy" and an average target price of $21.09.

Insider Buying and Selling

In other First Watch Restaurant Group news, major shareholder International L.P. Advent sold 5,000,000 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $17.70, for a total transaction of $88,500,000.00. Following the sale, the insider directly owned 9,689,784 shares in the company, valued at approximately $171,509,176.80. This trade represents a 34.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 6.00% of the company's stock.

First Watch Restaurant Group Stock Up 0.1%

Shares of NASDAQ:FWRG traded up $0.01 during trading on Friday, hitting $18.84. The stock had a trading volume of 507,086 shares, compared to its average volume of 1,361,804. 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 market capitalization of $1.15 billion, a PE ratio of 314.05, a PEG ratio of 6.70 and a beta of 0.91. The firm's fifty day moving average is $17.43 and its 200 day moving average is $17.49. The company has a quick ratio of 0.23, a current ratio of 0.27 and a debt-to-equity ratio of 0.42.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.04). First Watch Restaurant Group had a return on equity of 0.69% and a net margin of 0.37%.The firm had revenue of $307.89 million during the quarter, compared to the consensus estimate of $304.94 million. During the same period in the prior year, the company posted $0.14 EPS. The firm's revenue was up 19.1% on a year-over-year basis. First Watch Restaurant Group has set its FY 2025 guidance at EPS. Analysts anticipate 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.