First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 5.7% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 543,863 shares of the company's stock after selling 33,027 shares during the period. Allspring Global Investments Holdings LLC owned 0.89% of First Watch Restaurant Group worth $9,055,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in FWRG. Lazard Asset Management LLC purchased a new stake in First Watch Restaurant Group during the 4th quarter valued at approximately $39,095,000. Champlain Investment Partners LLC increased its holdings in shares of First Watch Restaurant Group by 59.0% in the fourth quarter. Champlain Investment Partners LLC now owns 2,582,303 shares of the company's stock valued at $48,057,000 after purchasing an additional 958,417 shares during the period. Mesirow Institutional Investment Management Inc. purchased a new stake in shares of First Watch Restaurant Group during the fourth quarter worth approximately $15,506,000. Clearbridge Investments LLC purchased a new stake in shares of First Watch Restaurant Group during the fourth quarter worth approximately $12,732,000. Finally, Vanguard Group Inc. lifted its holdings in shares of First Watch Restaurant Group by 25.6% during the fourth quarter. Vanguard Group Inc. now owns 2,351,614 shares of the company's stock worth $43,764,000 after purchasing an additional 479,741 shares during the period. Institutional investors and hedge funds own 96.11% of the company's stock.

First Watch Restaurant Group Stock Performance

Shares of FWRG stock opened at $17.23 on Friday. The stock has a fifty day moving average price of $16.28 and a 200 day moving average price of $18.02. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.27 and a current ratio of 0.31. The stock has a market cap of $1.05 billion, a PE ratio of 101.32, a P/E/G ratio of 5.02 and a beta of 0.90. First Watch Restaurant Group, Inc. has a 1 year low of $12.90 and a 1 year high of $22.71.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.05). The firm had revenue of $282.24 million for the quarter, compared to analyst estimates of $282.98 million. First Watch Restaurant Group had a return on equity of 1.84% and a net margin of 1.03%. The company's quarterly revenue was up 16.4% compared to the same quarter last year. During the same period last year, the firm earned $0.12 EPS. Sell-side analysts forecast that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on FWRG shares. TD Securities restated a "buy" rating and set a $19.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, June 4th. Raymond James Financial reissued a "strong-buy" rating and set a $21.00 price target (down from $25.00) on shares of First Watch Restaurant Group in a report on Wednesday, May 7th. Bank of America raised their price objective on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the company a "buy" rating in a research report on Wednesday, March 12th. Stephens dropped their target price on 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. Finally, Stifel Nicolaus set a $17.00 price target on First Watch Restaurant Group in a report on Wednesday, May 7th. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $21.36.

Insider Buying and Selling at First Watch Restaurant Group

In related news, major shareholder International L.P. Advent sold 4,500,000 shares of First Watch Restaurant Group stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $14.70, for a total transaction 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. The trade was a 23.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.00% of the stock is currently owned by company insiders.

About First Watch Restaurant Group

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.

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