Michael James White Sells 4,500,000 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) Stock

First Watch Restaurant Group, Inc. (NASDAQ:FWRGGet Rating) Director Michael James White sold 4,500,000 shares of the stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $14.80, for a total transaction of $66,600,000.00. Following the completion of the sale, the director now directly owns 42,239,784 shares of the company’s stock, valued at approximately $625,148,803.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

First Watch Restaurant Group Stock Performance

Shares of FWRG opened at $14.53 on Friday. The business’s fifty day moving average price is $16.76 and its 200 day moving average price is $14.67. First Watch Restaurant Group, Inc. has a 12-month low of $11.57 and a 12-month high of $25.46. The stock has a market capitalization of $858.43 million and a PE ratio of 207.60. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.75 and a quick ratio of 0.71.

First Watch Restaurant Group (NASDAQ:FWRGGet Rating) last posted its earnings results on Tuesday, August 9th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The company had revenue of $184.45 million for the quarter, compared to analysts’ expectations of $176.97 million. First Watch Restaurant Group had a return on equity of 0.75% and a net margin of 0.51%. Equities research analysts forecast that First Watch Restaurant Group, Inc. will post 0.2 EPS for the current year.

Analyst Upgrades and Downgrades

FWRG has been the subject of several recent research reports. Cowen increased their price objective on shares of First Watch Restaurant Group from $15.00 to $18.50 and gave the company a “market perform” rating in a research report on Wednesday, August 10th. The Goldman Sachs Group raised their price target on shares of First Watch Restaurant Group from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, August 10th. Citigroup raised their price target on shares of First Watch Restaurant Group to $23.00 in a research report on Monday, August 15th. Barclays raised their price target on shares of First Watch Restaurant Group from $16.00 to $19.00 and gave the stock an “overweight” rating in a research report on Thursday, June 9th. Finally, Stifel Nicolaus raised their price target on shares of First Watch Restaurant Group from $20.00 to $23.00 in a research report on Tuesday, August 9th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, First Watch Restaurant Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.68.

Institutional Investors Weigh In On First Watch Restaurant Group

A number of hedge funds have recently added to or reduced their stakes in FWRG. Neuberger Berman Group LLC lifted its stake in First Watch Restaurant Group by 27.1% in the first quarter. Neuberger Berman Group LLC now owns 1,442,843 shares of the company’s stock valued at $18,829,000 after buying an additional 307,925 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in First Watch Restaurant Group in the second quarter valued at $3,175,000. Lisanti Capital Growth LLC bought a new stake in First Watch Restaurant Group in the second quarter valued at $1,995,000. Renaissance Technologies LLC lifted its stake in First Watch Restaurant Group by 347.1% in the first quarter. Renaissance Technologies LLC now owns 145,800 shares of the company’s stock valued at $1,903,000 after buying an additional 113,188 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of First Watch Restaurant Group by 110.9% during the first quarter. Goldman Sachs Group Inc. now owns 178,431 shares of the company’s stock valued at $2,328,000 after purchasing an additional 93,844 shares during the period. 95.47% of the stock is currently owned by institutional investors.

About First Watch Restaurant Group

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First Watch Restaurant Group, Inc operates and franchises restaurants under the First Watch trade name. As of September 7, 2022, it operated 445 restaurants in 28 states 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.

Further Reading

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