First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Holdings Raised by Franklin Resources Inc.

Franklin Resources Inc. increased its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 14.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,114,974 shares of the company's stock after buying an additional 136,871 shares during the quarter. Franklin Resources Inc. owned about 1.84% of First Watch Restaurant Group worth $16,022,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of FWRG. Geode Capital Management LLC grew its position in First Watch Restaurant Group by 13.5% in the third quarter. Geode Capital Management LLC now owns 769,608 shares of the company's stock valued at $12,008,000 after acquiring an additional 91,416 shares in the last quarter. M&T Bank Corp acquired a new stake in First Watch Restaurant Group during the 3rd quarter valued at $514,000. Barclays PLC increased its stake in First Watch Restaurant Group by 505.3% during the 3rd quarter. Barclays PLC now owns 172,515 shares of the company's stock worth $2,690,000 after buying an additional 144,014 shares during the period. XTX Topco Ltd purchased a new stake in shares of First Watch Restaurant Group during the third quarter worth about $157,000. Finally, Jane Street Group LLC increased its holdings in First Watch Restaurant Group by 1.1% during the 3rd quarter. Jane Street Group LLC now owns 49,358 shares of the company's stock worth $770,000 after purchasing an additional 551 shares during the last quarter. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

First Watch Restaurant Group Stock Performance

NASDAQ:FWRG traded up $0.36 during mid-day trading on Friday, hitting $18.61. The stock had a trading volume of 735,136 shares, compared to its average volume of 626,131. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. The company has a 50 day simple moving average of $18.20 and a 200-day simple moving average of $16.91. The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of 56.40, a P/E/G ratio of 5.77 and a beta of 0.89. First Watch Restaurant Group, Inc. has a 52 week low of $12.90 and a 52 week high of $25.98.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced 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 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 the consensus estimate of $256.17 million. During the same period in the previous year, the firm earned $0.09 EPS. The firm's revenue was up 14.8% on a year-over-year basis. On average, research analysts expect that First Watch Restaurant Group, Inc. will post 0.31 earnings per share for the current fiscal year.

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 business's 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 sale, the insider now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 5.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Benchmark reiterated a "buy" rating and set a $23.00 target price on shares of First Watch Restaurant Group in a research note on Wednesday, October 16th. Raymond James increased their price objective on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the company a "strong-buy" rating in a research note on Friday, November 8th. Barclays lifted their price target on First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an "overweight" rating in a research note 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 report on Friday, October 4th. Finally, Piper Sandler increased their target price on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the stock an "overweight" rating in a report on Monday, November 11th. Two investment 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.30.

First Watch Restaurant Group 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.