Deepwater Asset Management LLC Sells 107,131 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Deepwater Asset Management LLC lowered its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 13.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 681,339 shares of the company’s stock after selling 107,131 shares during the quarter. First Watch Restaurant Group comprises approximately 4.8% of Deepwater Asset Management LLC’s holdings, making the stock its 17th largest holding. Deepwater Asset Management LLC owned 1.12% of First Watch Restaurant Group worth $11,344,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of FWRG. Lazard Asset Management LLC bought a new stake in First Watch Restaurant Group in the 4th quarter valued at $39,095,000. Champlain Investment Partners LLC increased its holdings in First Watch Restaurant Group by 59.0% in the 4th quarter. Champlain Investment Partners LLC now owns 2,582,303 shares of the company’s stock valued at $48,057,000 after buying an additional 958,417 shares during the period. Mesirow Institutional Investment Management Inc. bought a new stake in First Watch Restaurant Group in the 4th quarter valued at $15,506,000. Wasatch Advisors LP bought a new stake in First Watch Restaurant Group in the 4th quarter valued at $8,765,000. Finally, Balyasny Asset Management L.P. increased its holdings in First Watch Restaurant Group by 1,566.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 468,542 shares of the company’s stock valued at $8,720,000 after buying an additional 440,423 shares during the period. Institutional investors own 96.11% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on FWRG. TD Securities reissued a “buy” rating and issued a $19.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, June 4th. Guggenheim lowered their price target on shares of First Watch Restaurant Group from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Benchmark boosted their price target on shares of First Watch Restaurant Group from $22.00 to $24.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Wall Street Zen raised shares of First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a report on Saturday, August 9th. Finally, Stifel Nicolaus set a $17.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $21.09.

First Watch Restaurant Group Stock Down 0.2%

Shares of NASDAQ:FWRG opened at $17.86 on Friday. First Watch Restaurant Group, Inc. has a 52 week low of $12.90 and a 52 week high of $22.71. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.23 and a current ratio of 0.27. The company’s fifty day moving average is $16.83 and its 200-day moving average is $17.72. The company has a market capitalization of $1.09 billion, a PE ratio of 297.72, a P/E/G ratio of 6.37 and a beta of 0.91.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.04). The company had revenue of $307.89 million for the quarter, compared to analyst estimates of $304.94 million. First Watch Restaurant Group had a return on equity of 0.69% and a net margin of 0.37%. The firm’s quarterly revenue was up 19.1% on a year-over-year basis. During the same quarter last year, the company earned $0.14 EPS. Equities research analysts predict that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal year.

Insider Transactions at First Watch Restaurant Group

In related news, major shareholder International L.P. Advent sold 5,000,000 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $17.70, for a total transaction of $88,500,000.00. Following the transaction, the insider owned 9,689,784 shares in the company, valued at $171,509,176.80. This represents a 34.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 6.00% of the stock is currently owned by company insiders.

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.