First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Major Shareholder Sells $66,150,000.00 in Stock

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) major shareholder International L.P. Advent sold 4,500,000 shares of the firm's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $14.70, for a total transaction of $66,150,000.00. Following the transaction, the insider now directly owns 14,689,784 shares of the company's stock, valued at $215,939,824.80. The trade was a 23.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Major shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

First Watch Restaurant Group Price Performance

First Watch Restaurant Group stock traded up $0.01 during midday trading on Friday, reaching $14.93. 839,000 shares of the stock were exchanged, compared to its average volume of 740,042. The company's fifty day moving average is $17.12 and its 200-day moving average is $18.44. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54. The firm has a market cap of $910.63 million, a PE ratio of 45.24, a PEG ratio of 3.38 and a beta of 0.90. First Watch Restaurant Group, Inc. has a 52 week low of $12.90 and a 52 week high of $22.71.

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 analysts' consensus estimates of $0.04 by ($0.05). The company had revenue of $282.24 million during the quarter, compared to the consensus estimate of $282.98 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. First Watch Restaurant Group's quarterly revenue was up 16.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.12 EPS. On average, sell-side analysts forecast that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Piper Sandler dropped their target price on shares of First Watch Restaurant Group from $23.00 to $20.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th. Benchmark cut their price target on shares of First Watch Restaurant Group from $26.00 to $22.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. TD Cowen upgraded shares of First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 price target on the stock in a report on Tuesday, April 1st. Stifel Nicolaus set a $17.00 target price on shares of First Watch Restaurant Group in a research note on Wednesday, May 7th. Finally, Raymond James reiterated 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. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $21.36.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of institutional investors have recently made changes to their positions in the stock. Assetmark Inc. boosted its stake in shares of First Watch Restaurant Group by 68.7% in the 4th quarter. Assetmark Inc. now owns 2,455 shares of the company's stock valued at $46,000 after purchasing an additional 1,000 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new position in shares of First Watch Restaurant Group in the 4th quarter worth about $51,000. State of Wyoming increased its stake in shares of First Watch Restaurant Group by 212.6% in the 4th quarter. State of Wyoming now owns 3,214 shares of the company's stock worth $60,000 after acquiring an additional 2,186 shares in the last quarter. Venturi Wealth Management LLC bought a new position in shares of First Watch Restaurant Group in the 4th quarter worth about $81,000. Finally, BNP Paribas Financial Markets bought a new position in shares of First Watch Restaurant Group in the 4th quarter worth about $86,000. Institutional investors own 96.11% 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.