First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Holdings Lifted by State Street Corp

State Street Corp increased its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 13.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 664,310 shares of the company's stock after buying an additional 79,744 shares during the period. State Street Corp owned about 1.10% of First Watch Restaurant Group worth $10,363,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FWRG. Rocky Mountain Advisers LLC grew its stake in First Watch Restaurant Group by 180.1% in the 3rd quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company's stock valued at $103,000 after acquiring an additional 4,250 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of First Watch Restaurant Group in the third quarter valued at approximately $119,000. Versor Investments LP purchased a new position in shares of First Watch Restaurant Group during the 3rd quarter worth approximately $201,000. Commerce Bank acquired a new position in shares of First Watch Restaurant Group during the 3rd quarter worth approximately $208,000. Finally, Walleye Capital LLC acquired a new position in shares of First Watch Restaurant Group in the third quarter worth $215,000. 96.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at First Watch Restaurant Group

In other news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the company's stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $19.76, for a total transaction of $158,080,000.00. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.00% of the company's stock.

First Watch Restaurant Group Stock Down 1.7 %

Shares of FWRG traded down $0.33 during trading on Friday, reaching $18.70. The company's stock had a trading volume of 364,424 shares, compared to its average volume of 623,152. First Watch Restaurant Group, Inc. has a twelve month low of $12.90 and a twelve month high of $25.98. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. The company has a market cap of $1.13 billion, a price-to-earnings ratio of 56.67, a P/E/G ratio of 5.77 and a beta of 0.89. The company has a fifty day moving average of $18.56 and a two-hundred day moving average of $16.92.

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

Wall Street Analyst Weigh In

FWRG has been the subject of a number of recent research reports. Stephens lifted their price objective on First Watch Restaurant Group from $20.00 to $25.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. Guggenheim reduced their price target on First Watch Restaurant Group from $24.00 to $20.00 and set a "buy" rating on the stock in a research note on Friday, October 4th. Barclays lifted their price objective on First Watch Restaurant Group from $18.00 to $22.00 and gave the company an "overweight" rating in a research report on Friday, November 8th. Piper Sandler increased their price target on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Monday, November 11th. Finally, Benchmark restated a "buy" rating and set a $23.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, October 16th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, First Watch Restaurant Group has a consensus rating of "Moderate Buy" and a consensus price target 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.