Insider Selling: First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Major Shareholder Sells 4,500,000 Shares of Stock

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) major shareholder International L.P. Advent sold 4,500,000 shares of the business'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 completion of the sale, the insider now directly owns 14,689,784 shares in the company, valued at $215,939,824.80. This trade represents a 23.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

First Watch Restaurant Group Trading Down 0.4%

FWRG traded down $0.06 during mid-day trading on Friday, reaching $14.87. The stock had a trading volume of 288,392 shares, compared to its average volume of 735,347. The firm's fifty day simple moving average is $17.18 and its two-hundred day simple moving average is $18.45. The stock has a market capitalization of $906.66 million, a P/E ratio of 44.99, a P/E/G 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. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.05). The firm had revenue of $282.24 million for the quarter, compared to analyst estimates of $282.98 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The company's revenue was up 16.4% compared to the same quarter last year. During the same period last year, the company earned $0.12 EPS. On average, equities analysts predict that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on FWRG. Bank of America raised their target price on First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a "buy" rating in a research report on Wednesday, March 12th. Piper Sandler cut 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. Sanford C. Bernstein set a $21.00 price target on shares of First Watch Restaurant Group in a research report on Tuesday, March 11th. Stephens decreased their price objective on shares of First Watch Restaurant Group from $24.00 to $23.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. Finally, Guggenheim cut their target price on shares of First Watch Restaurant Group from $23.00 to $22.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. 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 company. According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $21.36.

Institutional Investors Weigh In On First Watch Restaurant Group

A number of institutional investors have recently made changes to their positions in FWRG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of First Watch Restaurant Group by 3.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,269 shares of the company's stock worth $321,000 after buying an additional 613 shares during the period. PNC Financial Services Group Inc. grew its holdings in First Watch Restaurant Group by 4.4% during the first quarter. PNC Financial Services Group Inc. now owns 16,943 shares of the company's stock valued at $282,000 after purchasing an additional 708 shares during the period. Assetmark Inc. increased its stake in First Watch Restaurant Group by 68.7% in the fourth 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. Mariner LLC increased its stake in First Watch Restaurant Group by 5.1% in the fourth quarter. Mariner LLC now owns 21,446 shares of the company's stock valued at $399,000 after purchasing an additional 1,033 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in First Watch Restaurant Group by 2.7% in the fourth quarter. Bank of New York Mellon Corp now owns 78,621 shares of the company's stock worth $1,463,000 after purchasing an additional 2,033 shares during the period. 96.11% of the stock is owned by institutional investors and hedge funds.

About First Watch Restaurant Group

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.