First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Shares Sold by GW&K Investment Management LLC

GW&K Investment Management LLC lessened its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 9.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,634,092 shares of the company's stock after selling 177,088 shares during the period. GW&K Investment Management LLC owned about 2.68% of First Watch Restaurant Group worth $27,207,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of FWRG. Sumitomo Mitsui Trust Group Inc. purchased a new position in shares of First Watch Restaurant Group during the 1st quarter worth approximately $259,000. SG Americas Securities LLC grew its stake in shares of First Watch Restaurant Group by 272.0% in the 1st quarter. SG Americas Securities LLC now owns 56,466 shares of the company's stock worth $940,000 after buying an additional 41,289 shares during the last quarter. Stephens Investment Management Group LLC grew its stake in shares of First Watch Restaurant Group by 2.2% in the 1st quarter. Stephens Investment Management Group LLC now owns 708,663 shares of the company's stock worth $11,799,000 after buying an additional 15,304 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of First Watch Restaurant Group by 7.8% in the 4th quarter. JPMorgan Chase & Co. now owns 2,141,209 shares of the company's stock worth $39,848,000 after buying an additional 154,784 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of First Watch Restaurant Group by 23.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 309,851 shares of the company's stock worth $5,766,000 after buying an additional 58,448 shares during the last quarter. Hedge funds and other institutional investors own 96.11% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FWRG. Stifel Nicolaus set a $17.00 price target on First Watch Restaurant Group in a research note on Wednesday, May 7th. Bank of America cut their target price on First Watch Restaurant Group from $23.00 to $21.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Raymond James Financial increased their target price on 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. Guggenheim dropped their price target on First Watch Restaurant Group from $23.00 to $22.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Finally, TD Cowen upgraded First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 price target on the stock in a research note on Tuesday, April 1st. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, First Watch Restaurant Group has an average rating of "Buy" and a consensus price target of $20.91.

First Watch Restaurant Group Trading Down 6.5%

NASDAQ FWRG traded down $1.20 during trading hours on Thursday, hitting $17.14. 352,743 shares of the company were exchanged, compared to its average volume of 790,453. The stock has a 50-day moving average price of $16.29 and a 200 day moving average price of $17.89. The company has a quick ratio of 0.27, a current ratio of 0.31 and a debt-to-equity ratio of 0.32. First Watch Restaurant Group, Inc. has a 52 week low of $12.90 and a 52 week high of $22.71. The stock has a market cap of $1.05 billion, a PE ratio of 100.49, a price-to-earnings-growth ratio of 4.97 and a beta of 0.90.

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

Insider Activity at First Watch Restaurant Group

In related news, major shareholder International L.P. Advent sold 4,500,000 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $14.70, for a total value of $66,150,000.00. Following the completion of the sale, the insider owned 14,689,784 shares in the company, valued at approximately $215,939,824.80. The trade was a 23.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate 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.