First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Stake Raised by Wellington Management Group LLP

Wellington Management Group LLP lifted its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 7.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 813,670 shares of the company's stock after acquiring an additional 59,508 shares during the quarter. Wellington Management Group LLP owned about 1.34% of First Watch Restaurant Group worth $12,693,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Upgrades and Downgrades

FWRG has been the topic of a number of recent research reports. Piper Sandler boosted 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 research report on Monday, November 11th. Stephens lifted their price target on shares of First Watch Restaurant Group from $20.00 to $25.00 and gave the stock an "overweight" rating in a research note on Friday, November 8th. Raymond James upped 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 report on Friday, November 8th. Barclays raised their target price on First Watch Restaurant Group from $18.00 to $22.00 and gave the company an "overweight" rating in a research note on Friday, November 8th. Finally, TD Cowen boosted their price target 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. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $23.30.

First Watch Restaurant Group Stock Performance

NASDAQ:FWRG traded up $0.04 during trading hours on Friday, reaching $19.49. 353,265 shares of the stock were exchanged, compared to its average volume of 627,762. The stock has a market capitalization of $1.18 billion, a P/E ratio of 59.06, a P/E/G ratio of 5.77 and a beta of 0.89. The firm has a 50 day simple moving average of $17.67 and a 200-day simple moving average of $16.91. 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, 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 quarterly earnings data on Thursday, November 7th. The company reported $0.03 earnings per share (EPS) 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 firm had revenue of $251.61 million for the quarter, compared to the consensus estimate of $256.17 million. During the same quarter last year, the business earned $0.09 earnings per share. The business's revenue for the quarter was up 14.8% compared to the same quarter last year. As a group, sell-side analysts forecast that First Watch Restaurant Group, Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the company's stock in a transaction 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 in the company, valued at $379,190,131.84. This represents a 29.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 5.00% of the company's stock.

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.