Barclays PLC Boosts Stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Barclays PLC raised its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 505.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 172,515 shares of the company's stock after buying an additional 144,014 shares during the quarter. Barclays PLC owned about 0.28% of First Watch Restaurant Group worth $2,690,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its stake in shares of First Watch Restaurant Group by 44.3% during the second quarter. Bank of New York Mellon Corp now owns 103,935 shares of the company's stock valued at $1,825,000 after acquiring an additional 31,907 shares during the last quarter. iA Global Asset Management Inc. boosted its stake in shares of First Watch Restaurant Group by 10.9% during the 2nd quarter. iA Global Asset Management Inc. now owns 19,898 shares of the company's stock worth $349,000 after purchasing an additional 1,948 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of First Watch Restaurant Group by 25.0% during the second quarter. Rhumbline Advisers now owns 38,106 shares of the company's stock worth $669,000 after buying an additional 7,631 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of First Watch Restaurant Group by 163.9% during the second quarter. Victory Capital Management Inc. now owns 59,361 shares of the company's stock worth $1,042,000 after buying an additional 36,870 shares in the last quarter. Finally, Rice Hall James & Associates LLC acquired a new position in shares of First Watch Restaurant Group in the second quarter valued at approximately $584,000. Hedge funds and other institutional investors own 96.11% of the company's stock.

Insider Buying and Selling

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 that occurred on Wednesday, November 13th. The shares were sold at an average price of $19.76, for a total value of $158,080,000.00. Following the completion of the sale, the insider now owns 19,189,784 shares of the company's stock, valued at $379,190,131.84. This trade represents a 29.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.00% of the stock is owned by corporate insiders.

First Watch Restaurant Group Trading Up 2.1 %

Shares of NASDAQ FWRG traded up $0.40 during midday trading on Wednesday, hitting $19.28. The stock had a trading volume of 241,213 shares, compared to its average volume of 625,008. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. First Watch Restaurant Group, Inc. has a 1-year low of $12.90 and a 1-year high of $25.98. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 58.43, a PEG ratio of 5.77 and a beta of 0.89. The company has a fifty day moving average price of $18.47 and a 200 day moving average price of $16.90.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.03 earnings per share for the quarter, missing analysts' consensus estimates 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 business had revenue of $251.61 million for the quarter, compared to analyst estimates of $256.17 million. During the same period last year, the firm earned $0.09 earnings per share. The company's quarterly revenue was up 14.8% on a year-over-year basis. On average, analysts predict that First Watch Restaurant Group, Inc. will post 0.31 earnings per share for the current year.

Analyst Upgrades and Downgrades

FWRG has been the topic of a number of analyst reports. Barclays raised their target price on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. TD Cowen raised 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. Raymond James lifted their price objective on First Watch Restaurant Group from $22.00 to $25.00 and gave the company a "strong-buy" rating in a research report on Friday, November 8th. Piper Sandler increased their target price on First Watch Restaurant Group from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Monday, November 11th. Finally, Stephens lifted their price target on First Watch Restaurant Group from $20.00 to $25.00 and gave the company an "overweight" rating in a report on Friday, November 8th. Two research 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 company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $23.30.

About First Watch Restaurant Group

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.