Harbor Capital Advisors Inc. Trims Stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Harbor Capital Advisors Inc. lowered its position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 50.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,274 shares of the company’s stock after selling 7,364 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in First Watch Restaurant Group were worth $121,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Rhumbline Advisers increased its stake in First Watch Restaurant Group by 12.9% in the 1st quarter. Rhumbline Advisers now owns 50,677 shares of the company’s stock worth $844,000 after buying an additional 5,779 shares during the period. GAMMA Investing LLC grew its stake in First Watch Restaurant Group by 1,617.7% in the first quarter. GAMMA Investing LLC now owns 5,445 shares of the company’s stock worth $91,000 after purchasing an additional 5,128 shares in the last quarter. Moody National Bank Trust Division increased its holdings in First Watch Restaurant Group by 18.8% during the 1st quarter. Moody National Bank Trust Division now owns 112,832 shares of the company’s stock worth $1,879,000 after purchasing an additional 17,820 shares during the period. Wellington Management Group LLP increased its holdings in First Watch Restaurant Group by 4.2% during the 4th quarter. Wellington Management Group LLP now owns 847,870 shares of the company’s stock worth $15,779,000 after purchasing an additional 34,200 shares during the period. Finally, California State Teachers Retirement System raised its position in First Watch Restaurant Group by 23.9% during the 4th quarter. California State Teachers Retirement System now owns 38,653 shares of the company’s stock valued at $719,000 after purchasing an additional 7,467 shares in the last quarter. Hedge funds and other institutional investors own 96.11% of the company’s stock.

Insider Activity at First Watch Restaurant Group

In other First Watch Restaurant Group news, major shareholder International L.P. Advent sold 4,500,000 shares of First Watch Restaurant Group stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $14.70, for a total value of $66,150,000.00. Following the completion of the transaction, the insider now owns 14,689,784 shares of the company’s stock, valued at approximately $215,939,824.80. The trade was a 23.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 6.00% of the stock is currently owned by insiders.

First Watch Restaurant Group Trading Down 5.1%

NASDAQ FWRG opened at $15.02 on Monday. The company has a market capitalization of $916.11 million, a PE ratio of 45.52, a P/E/G ratio of 3.38 and a beta of 0.90. The company has a fifty day moving average of $17.02 and a 200 day moving average of $18.34. First Watch Restaurant Group, Inc. has a 1 year low of $12.90 and a 1 year high of $22.71. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its earnings results on Tuesday, May 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.05). The business had revenue of $282.24 million for the quarter, compared to analyst estimates of $282.98 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The company’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.12 earnings per share. Research analysts forecast that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Piper Sandler reduced their target price on shares of First Watch Restaurant Group from $23.00 to $20.00 and set an “overweight” rating for the company in a report on Wednesday, May 7th. Barclays decreased their price objective on shares of First Watch Restaurant Group from $24.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday, May 6th. Bank of America boosted their target price on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, March 12th. Stifel Nicolaus set a $17.00 price target on shares of First Watch Restaurant Group in a research note on Wednesday, May 7th. Finally, TD Cowen upgraded shares of First Watch Restaurant Group from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research note on Tuesday, April 1st. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $21.36.

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.