First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Shares Acquired by Fmr LLC

FMR LLC increased its position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 9.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 625,523 shares of the company's stock after purchasing an additional 54,282 shares during the quarter. FMR LLC owned 1.03% of First Watch Restaurant Group worth $9,758,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Deepwater Asset Management LLC raised its holdings in First Watch Restaurant Group by 68.5% during the second quarter. Deepwater Asset Management LLC now owns 695,649 shares of the company's stock worth $12,216,000 after purchasing an additional 282,765 shares during the last quarter. Nicholas Investment Partners LP purchased a new position in First Watch Restaurant Group during the second quarter worth $3,391,000. California State Teachers Retirement System increased its position in First Watch Restaurant Group by 15.6% during the first quarter. California State Teachers Retirement System now owns 31,822 shares of the company's stock worth $783,000 after buying an additional 4,294 shares in the last quarter. Mutual of America Capital Management LLC purchased a new position in First Watch Restaurant Group during the third quarter worth $5,757,000. Finally, Schwartz Investment Counsel Inc. increased its position in First Watch Restaurant Group by 24.0% during the second quarter. Schwartz Investment Counsel Inc. now owns 102,306 shares of the company's stock worth $1,796,000 after buying an additional 19,782 shares in the last quarter. 96.11% of the stock is owned by institutional investors and hedge funds.

First Watch Restaurant Group Trading Down 1.7 %

FWRG stock traded down $0.33 during trading on Thursday, reaching $19.45. 298,835 shares of the stock traded hands, compared to its average volume of 628,407. The business's 50 day moving average price is $17.46 and its 200-day moving average price is $16.91. First Watch Restaurant Group, Inc. has a 52-week low of $12.90 and a 52-week high of $25.98. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51. The firm has a market capitalization of $1.18 billion, a PE ratio of 59.94, a P/E/G ratio of 5.64 and a beta of 0.89.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last posted its quarterly 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). 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 period last year, the firm posted $0.09 EPS. First Watch Restaurant Group's revenue was up 14.8% on a year-over-year basis. As a group, sell-side analysts forecast that First Watch Restaurant Group, Inc. will post 0.31 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the business's 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 transaction, the insider now owns 19,189,784 shares in the company, valued at approximately $379,190,131.84. The trade was a 29.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on FWRG shares. TD Cowen raised their price target on First Watch Restaurant Group from $18.00 to $21.00 and gave the stock a "hold" rating in a research report on Friday, November 8th. Stephens raised their price target 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. Benchmark reissued a "buy" rating and set a $23.00 price target on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Piper Sandler raised their price target 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, Barclays raised their price target on 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 research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, First Watch Restaurant Group currently 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.