First Watch Restaurant Group (NASDAQ:FWRG) Major Shareholder International L.P. Advent Sells 4,400,000 Shares

Key Points

• Advent International L.P., a major shareholder of First Watch Restaurant Group, sold 4.4 million shares at an average price of $17.67, totaling approximately $77.7 million, reducing their ownership by 45.41%.
• First Watch Restaurant Group reported a Q2 EPS of $0.03, missing analysts' estimates of $0.07, despite a 19.1% year-over-year revenue increase to $307.89 million.
• Institutional investors now own 96.11% of First Watch Restaurant Group's stock, with significant recent investments from firms like Vanguard and The Manufacturers Life Insurance Company.

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) major shareholder International L.P. Advent sold 4,400,000 shares of the company's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $17.67, for a total value of $77,748,000.00. Following the completion of the transaction, the insider owned 5,289,784 shares in the company, valued at $93,470,483.28. This represents a 45.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Major shareholders that own 10% or more of a company's stock are required to disclose their sales and purchases with the SEC.

International L.P. Advent also recently made the following trade(s):

• On Friday, August 8th, International L.P. Advent sold 5,000,000 shares of First Watch Restaurant Group stock. The shares were sold at an average price of $17.70, for a total transaction of $88,500,000.00.

First Watch Restaurant Group Stock Performance

FWRG stock traded up $0.23 on Wednesday, hitting $17.68. The company's stock had a trading volume of 1,801,661 shares, compared to its average volume of 1,031,125. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of 290.83, a price-to-earnings-growth ratio of 6.21 and a beta of 0.92. The firm has a 50 day moving average of $17.77 and a two-hundred day moving average of $17.37. The company has a current ratio of 0.27, a quick ratio of 0.23 and a debt-to-equity ratio of 0.42. First Watch Restaurant Group, Inc. has a 1 year low of $12.90 and a 1 year high of $22.71.

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

Institutional Investors Weigh In On First Watch Restaurant Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in First Watch Restaurant Group by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 2,398,180 shares of the company's stock worth $39,930,000 after buying an additional 46,566 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of First Watch Restaurant Group by 51.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,335,883 shares of the company's stock worth $37,468,000 after buying an additional 796,191 shares during the period. Lazard Asset Management LLC increased its stake in shares of First Watch Restaurant Group by 13.4% in the 2nd quarter. Lazard Asset Management LLC now owns 2,281,137 shares of the company's stock valued at $36,589,000 after acquiring an additional 269,726 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of First Watch Restaurant Group by 1.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,213,754 shares of the company's stock valued at $35,509,000 after acquiring an additional 39,648 shares during the last quarter. Finally, Granahan Investment Management LLC raised its position in shares of First Watch Restaurant Group by 8.3% in the 1st quarter. Granahan Investment Management LLC now owns 1,594,267 shares of the company's stock valued at $26,545,000 after acquiring an additional 122,657 shares during the period. Institutional investors own 96.11% of the company's stock.

Analyst Ratings Changes

FWRG has been the topic of a number of research analyst reports. Stephens raised their target price on First Watch Restaurant Group from $23.00 to $24.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Wall Street Zen lowered First Watch Restaurant Group from a "hold" rating to a "sell" rating in a report on Friday, September 5th. Bank of America decreased their target price on First Watch Restaurant Group from $23.00 to $21.00 and set a "buy" rating for the company in a research report on Friday, July 18th. Raymond James Financial upped their price target on First Watch Restaurant Group from $21.00 to $22.00 and gave the company a "strong-buy" rating in a research report on Thursday, July 17th. Finally, Zacks Research upgraded shares of First Watch Restaurant Group to a "hold" rating in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, First Watch Restaurant Group currently has an average rating of "Buy" and a consensus target price of $21.09.

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.

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