First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Major Shareholder Sells $88,500,000.00 in Stock

Key Points

• International L.P. Advent sold 5,000,000 shares of First Watch Restaurant Group stock for a total of $88.5 million, indicating a significant 34.04% reduction in their ownership stake.
• Following the sale, Advent holds 9,689,784 shares of First Watch, which are currently valued at approximately $171.5 million.
• First Watch reported a net margin of 0.37% and a 19.1% year-over-year increase in revenue, but missed earnings expectations with an EPS of $0.03.

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) major shareholder International L.P. Advent sold 5,000,000 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $17.70, for a total transaction of $88,500,000.00. Following the transaction, the insider directly owned 9,689,784 shares of the company's stock, valued at $171,509,176.80. The trade was a 34.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

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

• On Tuesday, June 3rd, International L.P. Advent sold 4,500,000 shares of First Watch Restaurant Group stock. The shares were sold at an average price of $14.70, for a total transaction of $66,150,000.00.

First Watch Restaurant Group Trading Down 0.1%

Shares of NASDAQ:FWRG traded down $0.02 during trading on Friday, reaching $17.84. 883,543 shares of the company traded hands, compared to its average volume of 1,246,437. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 297.38, a P/E/G ratio of 6.35 and a beta of 0.91. 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 current ratio of 0.27, a quick ratio of 0.23 and a debt-to-equity ratio of 0.42. The business's fifty day moving average is $16.89 and its 200-day moving average is $17.68.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.03 EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.04). The business had revenue of $307.89 million during the quarter, compared to analysts' expectations of $304.94 million. First Watch Restaurant Group had a return on equity of 0.69% and a net margin of 0.37%. The business's revenue was up 19.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.14 EPS. As a group, analysts forecast that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current year.

Wall Street Analyst Weigh In

FWRG has been the topic of a number of research reports. Wall Street Zen raised shares of First Watch Restaurant Group from a "strong sell" rating to a "hold" rating in a research note on Saturday, August 9th. Piper Sandler lowered their price objective 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. Zacks Research upgraded shares of First Watch Restaurant Group to a "hold" rating in a report on Friday, August 8th. Guggenheim lowered their target price on shares of First Watch Restaurant Group from $23.00 to $22.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Finally, Bank of America lowered their target price on shares of First Watch Restaurant Group from $23.00 to $21.00 and set a "buy" rating on the stock in a report on Friday, July 18th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, First Watch Restaurant Group presently has an average rating of "Moderate Buy" and a consensus price target of $21.09.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Fifth Third Bancorp lifted its position in shares of First Watch Restaurant Group by 8,815.8% during the 2nd quarter. Fifth Third Bancorp now owns 1,694 shares of the company's stock valued at $27,000 after buying an additional 1,675 shares in the last quarter. First Horizon Advisors Inc. raised its stake 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 purchasing an additional 1,316 shares during the period. State of Wyoming increased its stake in 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 during the last quarter. BNP Paribas Financial Markets increased its stake in First Watch Restaurant Group by 61.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company's stock worth $70,000 after acquiring an additional 1,673 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in First Watch Restaurant Group by 1,617.7% in the 1st quarter. GAMMA Investing LLC now owns 5,445 shares of the company's stock worth $91,000 after acquiring an additional 5,128 shares during the last quarter. 96.11% of the stock is owned by hedge funds and other institutional investors.

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.