Allspring Global Investments Holdings LLC Sells 33,027 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Allspring Global Investments Holdings LLC lessened its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 5.7% in the first quarter, according to its most recent filing with the SEC. The firm 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 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Lazard Asset Management LLC acquired a new position in shares of First Watch Restaurant Group in the 4th quarter valued at $39,095,000. Champlain Investment Partners LLC grew its holdings in shares of First Watch Restaurant Group by 59.0% in the 4th quarter. Champlain Investment Partners LLC now owns 2,582,303 shares of the company's stock valued at $48,057,000 after buying an additional 958,417 shares during the period. Mesirow Institutional Investment Management Inc. acquired a new position in shares of First Watch Restaurant Group in the 4th quarter valued at $15,506,000. Clearbridge Investments LLC acquired a new position in shares of First Watch Restaurant Group in the 4th quarter valued at $12,732,000. Finally, Vanguard Group Inc. grew its holdings in shares of First Watch Restaurant Group by 25.6% in the 4th quarter. Vanguard Group Inc. now owns 2,351,614 shares of the company's stock valued at $43,764,000 after buying 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 Up 3.5%

NASDAQ:FWRG traded up $0.61 on Tuesday, hitting $18.03. 821,221 shares of the company's stock were exchanged, compared to its average volume of 740,198. The firm has a 50-day moving average price of $16.24 and a 200-day moving average price of $18.01. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.31 and a quick ratio of 0.27. First Watch Restaurant Group, Inc. has a 52 week low of $12.90 and a 52 week high of $22.71. The company has a market cap of $1.10 billion, a P/E ratio of 106.06, a price-to-earnings-growth ratio of 4.95 and a beta of 0.90.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.05). The business had revenue of $282.24 million for the quarter, compared to the consensus estimate 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 earnings per share. As a group, analysts expect that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on FWRG shares. Piper Sandler decreased their price target on shares of First Watch Restaurant Group from $23.00 to $20.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. TD Securities reaffirmed a "buy" rating and issued a $19.00 target price on shares of First Watch Restaurant Group in a research note on Wednesday, June 4th. Barclays reduced their target price on shares of First Watch Restaurant Group from $24.00 to $20.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th. Stephens reduced their target price on shares of First Watch Restaurant Group from $24.00 to $23.00 and set an "overweight" rating for the company in a research note on Wednesday, May 7th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and issued a $21.00 target price (down from $25.00) on shares of First Watch Restaurant Group in a research note on Wednesday, May 7th. Eight equities 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 MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $21.36.

Insider Activity

In other 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 value of $66,150,000.00. Following the sale, the insider directly owned 14,689,784 shares of the company's stock, valued at approximately $215,939,824.80. This represents a 23.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 6.00% of the company's stock.

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.