Quest Partners LLC Sells 4,398 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Quest Partners LLC reduced its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 47.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,883 shares of the company’s stock after selling 4,398 shares during the quarter. Quest Partners LLC’s holdings in First Watch Restaurant Group were worth $76,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Mutual of America Capital Management LLC bought a new position in First Watch Restaurant Group during the third quarter worth $5,757,000. Deepwater Asset Management LLC lifted its stake in shares of First Watch Restaurant Group by 68.5% in the 2nd quarter. Deepwater Asset Management LLC now owns 695,649 shares of the company’s stock valued at $12,216,000 after purchasing an additional 282,765 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of First Watch Restaurant Group by 26.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,340,819 shares of the company’s stock valued at $23,545,000 after purchasing an additional 281,056 shares in the last quarter. Vanguard Group Inc. grew its stake in First Watch Restaurant Group by 18.8% during the first quarter. Vanguard Group Inc. now owns 1,611,452 shares of the company’s stock worth $39,674,000 after purchasing an additional 255,307 shares during the period. Finally, Nicholas Investment Partners LP bought a new stake in First Watch Restaurant Group in the second quarter worth approximately $3,391,000. 96.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FWRG. Piper Sandler boosted their price target on First Watch Restaurant Group from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Benchmark reissued a “buy” rating and set a $23.00 target price on shares of First Watch Restaurant Group in a research note on Wednesday, October 16th. Raymond James raised their price target on shares of 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. TD Cowen upped their price objective on shares of First Watch Restaurant Group from $18.00 to $21.00 and gave the company a “hold” rating in a report on Friday, November 8th. Finally, Stephens raised 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 research 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. According to data from MarketBeat, First Watch Restaurant Group has a consensus rating of “Moderate Buy” and a consensus target price of $23.30.

First Watch Restaurant Group Price Performance

Shares of NASDAQ FWRG opened at $19.09 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54. The firm’s 50-day simple moving average is $16.78 and its 200 day simple moving average is $16.93. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 57.70, a PEG ratio of 5.54 and a beta of 0.85. First Watch Restaurant Group, Inc. has a fifty-two week low of $12.90 and a fifty-two week high of $25.98.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.03 earnings per share 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 the consensus estimate of $256.17 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. First Watch Restaurant Group’s revenue was up 14.8% on a year-over-year basis. During the same quarter last year, the business posted $0.09 earnings per share. As a group, research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Transactions at First Watch Restaurant Group

In other news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of First Watch Restaurant Group 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 in the company, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.00% of the company’s stock.

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.