Invesco Ltd. Acquires 21,009 Shares of First Watch Restaurant Group, Inc. $FWRG

Key Points

• Invesco Ltd. has increased its holdings in First Watch Restaurant Group by 86.9%, owning approximately 0.07% of the company after acquiring an additional 21,009 shares during the first quarter.
• First Watch missed earnings estimates for the last quarter with earnings per share of $0.03, compared to the expected $0.07, although revenue grew by 19.1% year-over-year.
• A major shareholder, International L.P. Advent, sold 5 million shares at an average price of $17.70, resulting in a 34.04% decrease in their position.

Invesco Ltd. grew its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 86.9% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 45,198 shares of the company's stock after acquiring an additional 21,009 shares during the period. Invesco Ltd. owned about 0.07% of First Watch Restaurant Group worth $753,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of FWRG. MetLife Investment Management LLC raised its stake in shares of First Watch Restaurant Group by 15.8% during the fourth quarter. MetLife Investment Management LLC now owns 20,768 shares of the company's stock valued at $386,000 after acquiring an additional 2,841 shares during the last quarter. Price T Rowe Associates Inc. MD acquired a new stake in shares of First Watch Restaurant Group during the fourth quarter worth $225,000. Northern Trust Corp increased its position in shares of First Watch Restaurant Group by 16.2% during the fourth quarter. Northern Trust Corp now owns 303,829 shares of the company's stock worth $5,654,000 after buying an additional 42,444 shares during the period. Comerica Bank increased its position in shares of First Watch Restaurant Group by 316.2% during the fourth quarter. Comerica Bank now owns 5,157 shares of the company's stock worth $96,000 after buying an additional 3,918 shares during the period. Finally, Ameriprise Financial Inc. increased its position in shares of First Watch Restaurant Group by 18.8% during the fourth quarter. Ameriprise Financial Inc. now owns 249,743 shares of the company's stock worth $4,648,000 after buying an additional 39,539 shares during the period. Institutional investors own 96.11% of the company's stock.

Insider Buying and Selling at First Watch Restaurant Group

In other First Watch Restaurant Group news, major shareholder International L.P. Advent sold 5,000,000 shares of the firm's stock in a transaction on Friday, August 8th. The shares were 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 of the company's stock, valued at approximately $171,509,176.80. This trade represents a 34.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 6.00% of the company's stock.

Analyst Ratings Changes

FWRG has been the subject of several recent analyst reports. Stephens increased their price objective on shares of First Watch Restaurant Group from $23.00 to $24.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. Benchmark increased their price objective on shares of First Watch Restaurant Group from $22.00 to $24.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Raymond James Financial increased their price objective on shares of First Watch Restaurant Group from $21.00 to $22.00 and gave the stock a "strong-buy" rating in a research report on Thursday, July 17th. TD Cowen increased their price objective on shares of First Watch Restaurant Group from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Finally, Wall Street Zen cut shares of First Watch Restaurant Group from a "hold" rating to a "sell" rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, First Watch Restaurant Group presently has a consensus rating of "Buy" and an average target price of $21.09.

First Watch Restaurant Group Stock Down 5.1%

NASDAQ:FWRG traded down $0.94 during trading hours on Tuesday, reaching $17.32. The company had a trading volume of 979,449 shares, compared to its average volume of 861,409. The company has a quick ratio of 0.23, a current ratio of 0.27 and a debt-to-equity ratio of 0.42. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of 291.30, a P/E/G ratio of 6.61 and a beta of 0.92. The business's 50-day simple moving average is $17.76 and its two-hundred day simple moving average is $17.37. First Watch Restaurant Group, Inc. has a twelve month low of $12.90 and a twelve month high of $22.71.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.03 EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.04). The company had revenue of $307.89 million during the quarter, compared to analyst estimates of $304.94 million. First Watch Restaurant Group had a return on equity of 0.69% and a net margin of 0.37%.The company's revenue for the quarter was up 19.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.14 earnings per share. First Watch Restaurant Group has set its FY 2025 guidance at EPS. On average, equities analysts expect that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current 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.