First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Shares Sold by GSA Capital Partners LLP

GSA Capital Partners LLP cut its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 61.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,119 shares of the company’s stock after selling 25,539 shares during the period. GSA Capital Partners LLP’s holdings in First Watch Restaurant Group were worth $251,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rocky Mountain Advisers LLC lifted its position in shares of First Watch Restaurant Group by 180.1% during the third quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company’s stock worth $103,000 after purchasing an additional 4,250 shares in the last quarter. SG Americas Securities LLC bought a new stake in First Watch Restaurant Group during the third quarter valued at $119,000. Quent Capital LLC grew its position in shares of First Watch Restaurant Group by 28.6% during the second quarter. Quent Capital LLC now owns 9,000 shares of the company’s stock worth $158,000 after acquiring an additional 2,000 shares during the last quarter. Versor Investments LP bought a new position in shares of First Watch Restaurant Group during the third quarter worth about $201,000. Finally, Janus Henderson Group PLC acquired a new stake in First Watch Restaurant Group in the first quarter worth about $226,000. 96.11% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the firm’s stock in a transaction on 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 sale, the insider now directly 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 sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 5.00% of the company’s stock.

Analyst Upgrades and Downgrades

FWRG has been the subject of a number of research analyst reports. Barclays upped their price target on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Guggenheim dropped their target price on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, October 4th. Piper Sandler increased their price objective on First Watch Restaurant Group from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Raymond James increased 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, Benchmark reaffirmed a “buy” rating and set a $23.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.30.

First Watch Restaurant Group Stock Performance

Shares of NASDAQ FWRG opened at $18.24 on Friday. The business has a fifty day simple moving average of $16.51 and a 200 day simple moving average of $16.98. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of 55.27, a PEG ratio of 5.21 and a beta of 0.85. First Watch Restaurant Group, Inc. has a one year low of $12.90 and a one year high of $25.98.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings data 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). First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The company had revenue of $251.61 million for the quarter, compared to analyst estimates of $256.17 million. During the same quarter in the prior year, the company earned $0.09 earnings per share. The business’s revenue was up 14.8% compared to the same quarter last year. Sell-side analysts expect that First Watch Restaurant Group, Inc. will post 0.31 EPS for the current year.

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.