First Watch Restaurant Group, Inc. $FWRG Holdings Lessened by Advent International L.P.

Advent International L.P. trimmed its position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 23.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,689,784 shares of the company’s stock after selling 4,500,000 shares during the quarter. First Watch Restaurant Group comprises approximately 7.6% of Advent International L.P.’s holdings, making the stock its 5th biggest position. Advent International L.P. owned about 24.07% of First Watch Restaurant Group worth $235,624,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Fifth Third Bancorp raised its position in shares of First Watch Restaurant Group by 8,815.8% during the 2nd quarter. Fifth Third Bancorp now owns 1,694 shares of the company’s stock valued at $27,000 after buying an additional 1,675 shares in the last quarter. First Horizon Advisors Inc. lifted its stake in shares of First Watch Restaurant Group by 207.6% during the 2nd quarter. First Horizon Advisors Inc. now owns 1,950 shares of the company’s stock worth $31,000 after purchasing an additional 1,316 shares during the last quarter. State of Wyoming grew its holdings in First Watch Restaurant Group by 83.0% in the first quarter. State of Wyoming now owns 5,882 shares of the company’s stock worth $98,000 after purchasing an additional 2,668 shares during the last quarter. Police & Firemen s Retirement System of New Jersey grew its stake in shares of First Watch Restaurant Group by 17.3% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 9,108 shares of the company’s stock worth $146,000 after acquiring an additional 1,341 shares during the last quarter. Finally, Wealth Alliance LLC acquired a new position in shares of First Watch Restaurant Group in the 2nd quarter valued at $162,000. 96.11% of the stock is owned by hedge funds and other institutional investors.

First Watch Restaurant Group Trading Down 1.9%

NASDAQ FWRG opened at $16.36 on Friday. The company has a market capitalization of $998.45 million, a price-to-earnings ratio of 204.53, a price-to-earnings-growth ratio of 10.04 and a beta of 0.86. First Watch Restaurant Group, Inc. has a 12 month low of $12.90 and a 12 month high of $22.71. The firm’s fifty day moving average price is $17.15 and its 200 day moving average price is $16.99. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.25 and a quick ratio of 0.21.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.03). First Watch Restaurant Group had a net margin of 0.42% and a return on equity of 0.83%. The firm had revenue of $316.02 million during the quarter, compared to analyst estimates of $308.31 million. On average, sell-side analysts expect that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

FWRG has been the subject of a number of recent research reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of First Watch Restaurant Group in a research note on Monday. Wall Street Zen upgraded First Watch Restaurant Group from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Zacks Research upgraded shares of First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a report on Friday, October 24th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, First Watch Restaurant Group has an average rating of “Moderate Buy” and an average price target of $21.09.

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.