First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Shares Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company raised its position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 14.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,533,290 shares of the company’s stock after purchasing an additional 192,471 shares during the quarter. The Manufacturers Life Insurance Company owned about 2.53% of First Watch Restaurant Group worth $23,919,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Rocky Mountain Advisers LLC grew its holdings in 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 acquiring an additional 4,250 shares during the period. SG Americas Securities LLC acquired a new position in shares of First Watch Restaurant Group in the 3rd quarter worth approximately $119,000. Quent Capital LLC raised 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 purchasing an additional 2,000 shares during the period. Versor Investments LP acquired a new stake in First Watch Restaurant Group during the 3rd quarter worth about $201,000. Finally, Commerce Bank purchased a new stake in shares of First Watch Restaurant Group in the 3rd quarter valued at approximately $208,000. 96.11% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on FWRG shares. TD Cowen increased their target price on shares of First Watch Restaurant Group from $18.00 to $21.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Guggenheim decreased their target price on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, October 4th. Piper Sandler raised their target price on shares of 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. Raymond James boosted their target price on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the stock a “strong-buy” rating in a research report on Friday, November 8th. Finally, Barclays raised their price target on First Watch Restaurant Group from $18.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, First Watch Restaurant Group has a consensus rating of “Moderate Buy” and an average target price of $23.30.

Insider Activity at First Watch Restaurant Group

In related 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 transaction of $158,080,000.00. Following the transaction, the insider now 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 5.00% of the stock is currently owned by corporate insiders.

First Watch Restaurant Group Stock Up 1.1 %

Shares of NASDAQ:FWRG opened at $19.09 on Friday. The company has a 50 day moving average of $16.85 and a 200-day moving average of $16.93. First Watch Restaurant Group, Inc. has a one year low of $12.90 and a one year high of $25.98. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 57.85, a P/E/G ratio of 5.54 and a beta of 0.85. 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 released its 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 analyst estimates of $256.17 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. First Watch Restaurant Group’s revenue was up 14.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.09 EPS. On average, sell-side analysts forecast that First Watch Restaurant Group, Inc. will post 0.31 earnings per share for the current year.

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.