Deepwater Asset Management LLC Cuts Stock Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Deepwater Asset Management LLC trimmed its position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 1.8% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 788,470 shares of the company’s stock after selling 14,155 shares during the period. First Watch Restaurant Group makes up approximately 4.8% of Deepwater Asset Management LLC’s portfolio, making the stock its 14th largest holding. Deepwater Asset Management LLC’s holdings in First Watch Restaurant Group were worth $14,673,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Rocky Mountain Advisers LLC lifted its stake in shares of First Watch Restaurant Group by 180.1% in the 3rd quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company’s stock worth $103,000 after acquiring an additional 4,250 shares during the period. SG Americas Securities LLC purchased a new position in First Watch Restaurant Group during the third quarter worth about $119,000. XTX Topco Ltd acquired a new stake in First Watch Restaurant Group in the third quarter valued at about $157,000. Versor Investments LP purchased a new stake in First Watch Restaurant Group in the 3rd quarter valued at approximately $201,000. Finally, Commerce Bank acquired a new position in First Watch Restaurant Group during the 3rd quarter worth approximately $208,000. 96.11% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on FWRG. TD Cowen raised their price target 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. 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 report on Friday, November 8th. Piper Sandler increased their price target on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Benchmark reiterated a “buy” rating and issued a $23.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, October 16th. Finally, Raymond James upped their target price on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the stock a “strong-buy” rating in a research report on Friday, November 8th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, First Watch Restaurant Group currently has a consensus rating of “Moderate Buy” and an average target price of $23.30.

Insider Activity

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 shares were sold at an average price of $19.76, for a total value of $158,080,000.00. Following the completion of the transaction, the insider now owns 19,189,784 shares of the company’s stock, valued at approximately $379,190,131.84. The trade was a 29.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 5.00% of the company’s stock.

First Watch Restaurant Group Stock Down 1.1 %

Shares of NASDAQ FWRG opened at $20.98 on Monday. The firm’s 50-day moving average is $19.21 and its two-hundred day moving average is $17.30. The company has a market capitalization of $1.27 billion, a PE ratio of 63.58, a price-to-earnings-growth ratio of 3.50 and a beta of 0.91. First Watch Restaurant Group, Inc. has a 12-month low of $12.90 and a 12-month high of $25.98. 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 issued 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). The company had revenue of $251.61 million for the quarter, compared to analyst estimates 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 for the quarter was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.09 earnings per share. Equities analysts anticipate that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

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.