Deepwater Asset Management LLC Trims Stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Deepwater Asset Management LLC lowered its position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 1.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 788,470 shares of the company's stock after selling 14,155 shares during the period. First Watch Restaurant Group accounts for about 4.8% of Deepwater Asset Management LLC's holdings, making the stock its 14th biggest position. Deepwater Asset Management LLC owned approximately 1.30% of First Watch Restaurant Group worth $14,673,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Rocky Mountain Advisers LLC raised its holdings in First Watch Restaurant Group by 180.1% during the third quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company's stock worth $103,000 after buying an additional 4,250 shares during the last quarter. SG Americas Securities LLC bought a new position in First Watch Restaurant Group in the 3rd quarter valued at about $119,000. XTX Topco Ltd acquired a new position in First Watch Restaurant Group during the 3rd quarter valued at about $157,000. Versor Investments LP bought a new stake in First Watch Restaurant Group during the 3rd quarter worth approximately $201,000. Finally, Commerce Bank bought a new stake in First Watch Restaurant Group during the 3rd quarter worth approximately $208,000. Institutional investors and hedge funds own 96.11% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on FWRG shares. TD Cowen lifted their target price on First Watch Restaurant Group from $18.00 to $21.00 and gave the company a "hold" rating in a research report on Friday, November 8th. Benchmark reaffirmed a "buy" rating and set a $23.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, October 16th. Piper Sandler increased 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. Stephens restated an "overweight" rating and set a $25.00 price target on shares of First Watch Restaurant Group in a report on Tuesday, January 28th. Finally, Raymond James lifted their target price on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the stock a "strong-buy" rating in a research report on Friday, November 8th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, First Watch Restaurant Group has a consensus rating of "Moderate Buy" and an average price target of $23.30.

Insider Buying and Selling at First Watch Restaurant Group

In other news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of First Watch Restaurant Group stock in a transaction dated 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 transaction, the insider now owns 19,189,784 shares in the company, valued at $379,190,131.84. This trade represents a 29.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.00% of the company's stock.

First Watch Restaurant Group Stock Performance

FWRG traded down $0.02 during midday trading on Thursday, reaching $21.39. The company had a trading volume of 458,959 shares, compared to its average volume of 475,390. The business has a 50-day moving average price of $19.41 and a two-hundred day moving average price of $17.44. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54. First Watch Restaurant Group, Inc. has a 12-month low of $12.90 and a 12-month high of $25.98. The stock has a market cap of $1.30 billion, a PE ratio of 64.82, a P/E/G ratio of 3.50 and a beta of 0.91.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last posted its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $256.17 million. During the same quarter in the previous year, the company posted $0.09 EPS. First Watch Restaurant Group's revenue for the quarter was up 14.8% on a year-over-year basis. On average, sell-side analysts expect that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal 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.