328,201 Shares in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Acquired by ArrowMark Colorado Holdings LLC

ArrowMark Colorado Holdings LLC acquired a new stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 328,201 shares of the company's stock, valued at approximately $5,120,000. ArrowMark Colorado Holdings LLC owned 0.54% of First Watch Restaurant Group at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FWRG. Walleye Capital LLC bought a new position in shares of First Watch Restaurant Group in the third quarter worth approximately $215,000. FMR LLC boosted its holdings in First Watch Restaurant Group by 9.5% in the 3rd quarter. FMR LLC now owns 625,523 shares of the company's stock worth $9,758,000 after buying an additional 54,282 shares during the period. The Manufacturers Life Insurance Company raised its holdings in First Watch Restaurant Group by 14.4% during the third quarter. The Manufacturers Life Insurance Company now owns 1,533,290 shares of the company's stock valued at $23,919,000 after acquiring an additional 192,471 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in shares of First Watch Restaurant Group in the third quarter worth about $342,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of First Watch Restaurant Group by 21.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 251,403 shares of the company's stock worth $3,922,000 after acquiring an additional 45,119 shares during the period. 96.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on FWRG shares. Guggenheim lowered their target price on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a "buy" rating on the stock in a report on Friday, October 4th. TD Cowen upped their price objective on First Watch Restaurant Group from $18.00 to $21.00 and gave the stock a "hold" rating in a report on Friday, November 8th. Piper Sandler raised their target price on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Monday, November 11th. Raymond James upped their price target on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the company a "strong-buy" rating in a research note on Friday, November 8th. Finally, Barclays lifted their price objective on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an "overweight" rating in a research note on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $23.30.

Insiders Place Their Bets

In other First Watch Restaurant Group news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $19.76, for a total transaction of $158,080,000.00. Following the completion of the sale, the insider now directly owns 19,189,784 shares of the company's stock, valued at approximately $379,190,131.84. This represents a 29.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 5.00% of the stock is owned by company insiders.

First Watch Restaurant Group Trading Down 1.0 %

Shares of NASDAQ FWRG traded down $0.18 during mid-day trading on Tuesday, reaching $18.68. The company had a trading volume of 153,441 shares, compared to its average volume of 619,091. The stock has a market cap of $1.13 billion, a price-to-earnings ratio of 56.24, a price-to-earnings-growth ratio of 5.60 and a beta of 0.89. First Watch Restaurant Group, Inc. has a 52 week low of $12.90 and a 52 week high of $25.98. The business's 50-day moving average is $16.92 and its 200-day moving average is $16.89. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.02). First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The firm had revenue of $251.61 million for the quarter, compared to analysts' expectations of $256.17 million. During the same quarter in the prior year, the business posted $0.09 EPS. The business's quarterly revenue was up 14.8% on a year-over-year basis. Equities analysts expect that First Watch Restaurant Group, Inc. will post 0.31 earnings per share for the current year.

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.