First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Shares Sold by Advent International L.P.

Advent International L.P. lowered its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 29.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,189,784 shares of the company's stock after selling 8,000,000 shares during the quarter. First Watch Restaurant Group makes up about 8.3% of Advent International L.P.'s holdings, making the stock its 3rd biggest position. Advent International L.P. owned 31.68% of First Watch Restaurant Group worth $357,122,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Jane Street Group LLC raised its stake in First Watch Restaurant Group by 1.1% during the 3rd quarter. Jane Street Group LLC now owns 49,358 shares of the company's stock worth $770,000 after acquiring an additional 551 shares in the last quarter. Assetmark Inc. lifted its position 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 acquiring an additional 1,000 shares during the last quarter. Mariner LLC lifted its position 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 acquiring an additional 1,033 shares during the last quarter. Bank of New York Mellon Corp lifted its position 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 valued at $1,463,000 after acquiring an additional 2,033 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. purchased a new stake in First Watch Restaurant Group in the fourth quarter valued at $51,000. Hedge funds and other institutional investors own 96.11% of the company's stock.

Insiders Place Their Bets

In other First Watch Restaurant Group news, insider Jay Anthony Wolszczak sold 5,743 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total value of $96,539.83. Following the sale, the insider now owns 37,768 shares of the company's stock, valued at $634,880.08. This represents a 13.20 % 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. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total transaction of $706,675.59. Following the completion of the sale, the chief executive officer now directly owns 389,832 shares in the company, valued at $6,553,075.92. This trade represents a 9.73 % decrease in their position. The disclosure for this sale can be found here. 6.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on FWRG shares. Bank of America boosted their price target on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the company a "buy" rating in a research report on Wednesday, March 12th. Stephens reissued an "overweight" rating and issued a $24.00 price target on shares of First Watch Restaurant Group in a research report on Thursday, April 24th. Sanford C. Bernstein set a $21.00 price target on shares of First Watch Restaurant Group in a research report on Tuesday, March 11th. Barclays upped their target price on shares of First Watch Restaurant Group from $21.00 to $24.00 and gave the company an "overweight" rating in a report on Tuesday, April 22nd. Finally, Benchmark reaffirmed a "buy" rating on shares of First Watch Restaurant Group in a report on Wednesday, March 12th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, First Watch Restaurant Group currently has an average rating of "Buy" and a consensus target price of $22.73.

First Watch Restaurant Group Trading Up 3.6 %

Shares of First Watch Restaurant Group stock opened at $18.29 on Friday. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. The company's 50-day simple moving average is $18.08 and its 200-day simple moving average is $18.71. First Watch Restaurant Group, Inc. has a 52-week low of $12.90 and a 52-week high of $25.85. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of 55.43, a price-to-earnings-growth ratio of 3.38 and a beta of 1.02.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its earnings results on Tuesday, March 11th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.01). First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The company had revenue of $263.30 million for the quarter, compared to analyst estimates of $262.82 million. During the same quarter in the previous year, the company posted $0.04 earnings per share. The company's quarterly revenue was up 7.6% compared to the same quarter last year. As a group, equities research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current year.

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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