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 First Watch Restaurant Group stock in a transaction dated 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 transaction, the insider owned 5,289,784 shares of the company's stock, valued at $93,470,483.28. This trade represents a 45.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Major shareholders that own more than 10% of a company's shares 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 value of $88,500,000.00.

First Watch Restaurant Group Stock Up 1.1%

FWRG stock traded up $0.18 during mid-day trading on Monday, reaching $17.20. 925,841 shares of the company traded hands, compared to its average volume of 1,093,942. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of 286.71, a P/E/G ratio of 6.06 and a beta of 0.92. The company has a quick ratio of 0.23, a current ratio of 0.27 and a debt-to-equity ratio of 0.42. First Watch Restaurant Group, Inc. has a fifty-two week low of $12.90 and a fifty-two week high of $22.71. The firm's 50 day moving average price is $17.77 and its 200 day moving average price is $17.25.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its quarterly 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 for the quarter, compared to analyst estimates of $304.94 million. During the same quarter last year, the firm posted $0.14 EPS. First Watch Restaurant Group's revenue for the quarter was up 19.1% on a year-over-year basis. First Watch Restaurant Group has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

Hedge Funds Weigh In On First Watch Restaurant Group

Several institutional investors have recently bought and sold shares of FWRG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in 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 valued at $321,000 after acquiring an additional 613 shares during the period. PNC Financial Services Group Inc. raised its holdings in First Watch Restaurant Group by 4.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 16,943 shares of the company's stock valued at $282,000 after acquiring an additional 708 shares during the period. Legal & General Group Plc raised its holdings in First Watch Restaurant Group by 1.6% during the 2nd quarter. Legal & General Group Plc now owns 45,531 shares of the company's stock valued at $730,000 after acquiring an additional 724 shares during the period. First Horizon Advisors Inc. raised its holdings in First Watch Restaurant Group by 207.6% during the 2nd quarter. First Horizon Advisors Inc. now owns 1,950 shares of the company's stock valued at $31,000 after acquiring an additional 1,316 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey raised its holdings in First Watch Restaurant Group by 17.3% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 9,108 shares of the company's stock valued at $146,000 after acquiring an additional 1,341 shares during the period. Hedge funds and other institutional investors own 96.11% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Raymond James Financial boosted their target price on First Watch Restaurant Group from $21.00 to $22.00 and gave the stock a "strong-buy" rating in a research note on Thursday, July 17th. Bank of America cut their target price on First Watch Restaurant Group from $23.00 to $21.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Wall Street Zen downgraded First Watch Restaurant Group from a "hold" rating to a "sell" rating in a research note on Friday, September 5th. Zacks Research upgraded First Watch Restaurant Group to a "hold" rating in a research note on Friday, August 8th. Finally, Barclays boosted their target price on First Watch Restaurant Group from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target 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.