Barclays PLC Increases Holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Barclays PLC grew its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 505.3% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 172,515 shares of the company’s stock after buying an additional 144,014 shares during the quarter. Barclays PLC owned approximately 0.28% of First Watch Restaurant Group worth $2,690,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp raised its holdings in shares of First Watch Restaurant Group by 44.3% during the second quarter. Bank of New York Mellon Corp now owns 103,935 shares of the company’s stock valued at $1,825,000 after acquiring an additional 31,907 shares in the last quarter. iA Global Asset Management Inc. raised its holdings in First Watch Restaurant Group by 10.9% in the 2nd quarter. iA Global Asset Management Inc. now owns 19,898 shares of the company’s stock worth $349,000 after purchasing an additional 1,948 shares in the last quarter. Rhumbline Advisers lifted its position in shares of First Watch Restaurant Group by 25.0% in the 2nd quarter. Rhumbline Advisers now owns 38,106 shares of the company’s stock worth $669,000 after purchasing an additional 7,631 shares during the period. Victory Capital Management Inc. boosted its stake in shares of First Watch Restaurant Group by 163.9% during the 2nd quarter. Victory Capital Management Inc. now owns 59,361 shares of the company’s stock valued at $1,042,000 after purchasing an additional 36,870 shares in the last quarter. Finally, Rice Hall James & Associates LLC purchased a new position in shares of First Watch Restaurant Group during the second quarter valued at about $584,000. 96.11% of the stock is currently owned by institutional investors.

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 that occurred on 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 sale, the insider now directly owns 19,189,784 shares in the company, valued at $379,190,131.84. The trade was a 29.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 5.00% of the company’s stock.

First Watch Restaurant Group Stock Performance

Shares of First Watch Restaurant Group stock opened at $19.28 on Wednesday. First Watch Restaurant Group, Inc. has a 1 year low of $12.90 and a 1 year high of $25.98. The firm’s 50-day moving average is $18.38 and its 200 day moving average is $16.89. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of 58.43, a PEG ratio of 5.77 and a beta of 0.89. 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 earnings results 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 firm had revenue of $251.61 million during 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 company’s quarterly revenue was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.09 EPS. Sell-side analysts anticipate that First Watch Restaurant Group, Inc. will post 0.31 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have commented on FWRG shares. Benchmark restated a “buy” rating and issued a $23.00 price objective on shares of First Watch Restaurant Group in a report on Wednesday, October 16th. Piper Sandler lifted their price target on First Watch Restaurant Group from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Guggenheim decreased their price objective on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating for the company in a report on Friday, October 4th. TD Cowen boosted their target price 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, Raymond James increased 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 research note on Friday, November 8th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, First Watch Restaurant Group has an average rating of “Moderate Buy” and an average target price of $23.30.

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.