Victory Capital Management Inc. Sells 41,328 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Victory Capital Management Inc. cut its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 69.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,033 shares of the company's stock after selling 41,328 shares during the quarter. Victory Capital Management Inc.'s holdings in First Watch Restaurant Group were worth $281,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in FWRG. Rocky Mountain Advisers LLC raised its stake in shares of First Watch Restaurant Group by 180.1% in the third quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company's stock valued at $103,000 after buying an additional 4,250 shares during the period. SG Americas Securities LLC purchased a new stake in First Watch Restaurant Group during the third quarter valued at about $119,000. Quent Capital LLC boosted its position in First Watch Restaurant Group by 28.6% during the second quarter. Quent Capital LLC now owns 9,000 shares of the company's stock worth $158,000 after purchasing an additional 2,000 shares during the period. Versor Investments LP bought a new position in First Watch Restaurant Group during the third quarter worth about $201,000. Finally, Janus Henderson Group PLC purchased a new position in shares of First Watch Restaurant Group in the first quarter worth about $226,000. 96.11% of the stock is currently owned by institutional investors.

First Watch Restaurant Group Price Performance

Shares of First Watch Restaurant Group stock traded up $0.20 during trading on Friday, hitting $19.09. 296,556 shares of the stock traded hands, compared to its average volume of 1,074,294. The firm's fifty day moving average is $16.85 and its 200-day moving average is $16.93. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 57.85, a PEG ratio of 5.60 and a beta of 0.85. 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 quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32.

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Barclays raised their price objective on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an "overweight" rating in a report on Friday, November 8th. Raymond James lifted their price target on First Watch Restaurant Group from $22.00 to $25.00 and gave the company a "strong-buy" rating in a research report on Friday, November 8th. Benchmark reissued a "buy" rating and set a $23.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, October 16th. 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 report on Friday, November 8th. Finally, Guggenheim lowered their price target on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a "buy" rating on the stock in a report on Friday, October 4th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $23.30.

Insider Transactions at First Watch Restaurant Group

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 transaction of $158,080,000.00. Following the transaction, the insider now owns 19,189,784 shares in the company, valued at $379,190,131.84. The trade was a 29.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 5.00% of the company's stock.

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.