Victory Capital Management Inc. lessened its position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 69.6% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 18,033 shares of the company's stock after selling 41,328 shares during the quarter. Victory Capital Management Inc.'s holdings in First Watch Restaurant Group were worth $281,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of First Watch Restaurant Group by 18.8% during the 1st quarter. Vanguard Group Inc. now owns 1,611,452 shares of the company's stock worth $39,674,000 after acquiring an additional 255,307 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in First Watch Restaurant Group by 15.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,385,972 shares of the company's stock worth $24,338,000 after purchasing an additional 189,740 shares during the period. The Manufacturers Life Insurance Company lifted its position in First Watch Restaurant Group by 26.5% during the second 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. Deepwater Asset Management LLC grew its holdings in First Watch Restaurant Group by 15.4% during the third quarter. Deepwater Asset Management LLC now owns 802,625 shares of the company's stock valued at $12,521,000 after purchasing an additional 106,976 shares during the period. Finally, Stephens Investment Management Group LLC increased its position in First Watch Restaurant Group by 33.2% in the third quarter. Stephens Investment Management Group LLC now owns 503,678 shares of the company's stock worth $7,857,000 after buying an additional 125,452 shares in the last quarter. Institutional investors own 96.11% of the company's stock.
A number of research analysts recently issued reports on the company. Raymond James boosted their price objective on First Watch Restaurant Group from $22.00 to $25.00 and gave the company a "strong-buy" rating in a research note on Friday, November 8th. Stephens upped their price target on shares of First Watch Restaurant Group from $20.00 to $25.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. Benchmark restated a "buy" rating and set a $23.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Barclays upped their target price on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an "overweight" rating in a report on Friday, November 8th. Finally, Piper Sandler raised 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. Two investment 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. Based on data from MarketBeat, First Watch Restaurant Group presently has an average rating of "Moderate Buy" and a consensus price target of $23.30.
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Shares of First Watch Restaurant Group stock opened at $19.09 on Friday. First Watch Restaurant Group, Inc. has a twelve month low of $12.90 and a twelve month high of $25.98. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. The business has a 50-day moving average price of $16.85 and a 200-day moving average price of $16.93. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of 57.85, a PEG ratio of 5.60 and a beta of 0.85.
First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business's revenue was up 14.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.09 EPS. Equities research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.31 EPS for the current fiscal year.
In related 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 stock was 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 approximately $379,190,131.84. This trade represents a 29.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 5.00% of the stock is owned by insiders.
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.
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