First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Stake Increased by State Street Corp

State Street Corp increased its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 13.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 664,310 shares of the company’s stock after buying an additional 79,744 shares during the quarter. State Street Corp owned 1.10% of First Watch Restaurant Group worth $10,363,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of FWRG. Rocky Mountain Advisers LLC boosted its stake in shares of First Watch Restaurant Group by 180.1% during the 3rd quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company’s stock valued at $103,000 after buying an additional 4,250 shares during the period. SG Americas Securities LLC acquired a new stake in First Watch Restaurant Group during the third quarter valued at $119,000. Versor Investments LP purchased a new position in First Watch Restaurant Group in the third quarter valued at about $201,000. Commerce Bank acquired a new position in First Watch Restaurant Group in the 3rd quarter worth about $208,000. Finally, Walleye Capital LLC purchased a new stake in shares of First Watch Restaurant Group during the 3rd quarter worth about $215,000. 96.11% of the stock is owned by institutional investors and hedge funds.

First Watch Restaurant Group Stock Performance

Shares of NASDAQ:FWRG opened at $19.03 on Friday. First Watch Restaurant Group, Inc. has a fifty-two week low of $12.90 and a fifty-two week 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. The business’s fifty day moving average price is $18.52 and its two-hundred day moving average price is $16.92. The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of 57.67, a price-to-earnings-growth ratio of 5.77 and a beta of 0.89.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). The business had revenue of $251.61 million for the quarter, compared to the consensus estimate of $256.17 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The firm’s revenue was up 14.8% on a year-over-year basis. During the same quarter last year, the company earned $0.09 earnings per share. As a group, analysts predict that First Watch Restaurant Group, Inc. will post 0.31 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $19.76, for a total value of $158,080,000.00. Following the sale, the insider now directly owns 19,189,784 shares of the company’s stock, valued at $379,190,131.84. This trade represents a 29.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 5.00% of the stock is owned by insiders.

Analyst Ratings Changes

FWRG has been the subject of several recent research reports. Benchmark reissued a “buy” rating and issued a $23.00 price target on shares of First Watch Restaurant Group in a research note on Wednesday, October 16th. Guggenheim dropped their price target on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday, October 4th. Piper Sandler upped their price target on First Watch Restaurant Group from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Raymond James lifted their price objective on First Watch Restaurant Group from $22.00 to $25.00 and gave the stock a “strong-buy” rating in a report on Friday, November 8th. Finally, Stephens upped their target price on First Watch Restaurant Group from $20.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Two investment 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $23.30.

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.