Goldman Sachs Group Inc. Sells 131,870 Shares of First Watch Restaurant Group, Inc. $FWRG

Key Points

• Goldman Sachs Group Inc. reduced its stake in First Watch Restaurant Group by 28.3%, selling 131,870 shares, bringing its total ownership to 334,395 shares, valued at approximately $5.57 million.
• Several hedge funds have altered their positions in First Watch, with MIRAE ASSET GLOBAL ETFS HOLDINGS and PNC Financial Services Group increasing their stakes by 3.7% and 4.4% respectively.
• First Watch reported a quarterly earnings per share (EPS) of $0.03, missing analysts' expectations, while its revenue of $307.89 million was slightly above estimates, reflecting a 19.1% year-over-year increase.

Goldman Sachs Group Inc. lowered its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 28.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 334,395 shares of the company's stock after selling 131,870 shares during the period. Goldman Sachs Group Inc. owned 0.55% of First Watch Restaurant Group worth $5,568,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of 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 worth $321,000 after purchasing an additional 613 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of First Watch Restaurant Group by 4.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 16,943 shares of the company's stock valued at $282,000 after buying an additional 708 shares during the last quarter. Oppenheimer Asset Management Inc. raised its stake in shares of First Watch Restaurant Group by 19.0% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 13,039 shares of the company's stock valued at $217,000 after buying an additional 2,083 shares during the last quarter. State of Wyoming grew its position in shares of First Watch Restaurant Group by 212.6% during 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. Finally, Corebridge Financial Inc. grew its position in shares of First Watch Restaurant Group by 24.7% during 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 period. Hedge funds and other institutional investors own 96.11% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Zacks Research upgraded First Watch Restaurant Group to a "hold" rating in a research report on Friday, August 8th. Wall Street Zen cut First Watch Restaurant Group from a "hold" rating to a "sell" rating in a research report on Friday, September 5th. TD Cowen raised their target price on First Watch Restaurant Group from $19.00 to $21.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Raymond James Financial lifted their price objective on First Watch Restaurant Group from $21.00 to $22.00 and gave the stock a "strong-buy" rating in a report on Thursday, July 17th. Finally, TD Securities reissued 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. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $21.09.

First Watch Restaurant Group Trading Up 1.1%

FWRG opened at $17.20 on Tuesday. First Watch Restaurant Group, Inc. has a one year low of $12.90 and a one year high of $22.71. The stock has a market capitalization of $1.05 billion, a PE ratio of 286.71, a P/E/G ratio of 6.06 and a beta of 0.92. The business's 50 day moving average price is $17.77 and its 200 day moving average price is $17.25. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.23 and a current ratio of 0.27.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $0.03 EPS 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 business had revenue of $307.89 million during the quarter, compared to analyst estimates of $304.94 million. During the same quarter in the prior year, the company posted $0.14 earnings per share. The company's revenue was up 19.1% on a year-over-year basis. First Watch Restaurant Group has set its FY 2025 guidance at EPS. As a group, equities research analysts expect 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 company's stock in a transaction that occurred on Friday, August 8th. The stock was 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 approximately $171,509,176.80. This represents a 34.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate 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.

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