First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Holdings Lifted by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company boosted its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 14.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,533,290 shares of the company's stock after purchasing an additional 192,471 shares during the quarter. The Manufacturers Life Insurance Company owned about 2.53% of First Watch Restaurant Group worth $23,919,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Dynamic Technology Lab Private Ltd purchased a new stake in shares of First Watch Restaurant Group during the 3rd quarter valued at about $342,000. Charles Schwab Investment Management Inc. raised its position in 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. Commerce Bank purchased a new position in shares of First Watch Restaurant Group during the 3rd quarter worth $208,000. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of First Watch Restaurant Group during the 3rd quarter valued at $1,566,000. Finally, Mutual of America Capital Management LLC purchased a new stake in shares of First Watch Restaurant Group in the 3rd quarter worth $5,757,000. Institutional investors own 96.11% of the company's stock.

First Watch Restaurant Group Trading Up 1.1 %

FWRG traded up $0.20 during trading on Friday, hitting $19.09. The company's stock had a trading volume of 296,556 shares, compared to its average volume of 1,074,294. First Watch Restaurant Group, Inc. has a twelve month low of $12.90 and a twelve month high of $25.98. The stock has a market cap of $1.16 billion, a PE ratio of 57.85, a PEG ratio of 5.60 and a beta of 0.85. The firm's 50 day moving average price is $16.85 and its 200-day moving average price is $16.91. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51.

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

Analyst Ratings Changes

FWRG has been the subject of several recent analyst reports. Benchmark reaffirmed a "buy" rating and issued a $23.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, October 16th. Raymond James lifted their price target on 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. Guggenheim decreased their price objective on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a "buy" rating for the company in a research note on Friday, October 4th. TD Cowen increased their target price on First Watch Restaurant Group from $18.00 to $21.00 and gave the stock a "hold" rating in a research note on Friday, November 8th. Finally, 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. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $23.30.

Insider Activity at First Watch Restaurant Group

In related news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the stock in a transaction dated Wednesday, November 13th. The stock was 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 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. 5.00% of the stock is owned by insiders.

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.