Diversified Trust Co Sells 7,125 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Diversified Trust Co lowered its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 24.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,926 shares of the company’s stock after selling 7,125 shares during the quarter. Diversified Trust Co’s holdings in First Watch Restaurant Group were worth $365,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Lazard Asset Management LLC bought a new position in First Watch Restaurant Group during the fourth quarter valued at approximately $39,095,000. Champlain Investment Partners LLC raised its holdings in shares of First Watch Restaurant Group by 59.0% during the 4th quarter. Champlain Investment Partners LLC now owns 2,582,303 shares of the company’s stock worth $48,057,000 after acquiring an additional 958,417 shares in the last quarter. Mesirow Institutional Investment Management Inc. bought a new position in shares of First Watch Restaurant Group during the 4th quarter valued at approximately $15,506,000. Clearbridge Investments LLC bought a new position in shares of First Watch Restaurant Group during the 4th quarter valued at approximately $12,732,000. Finally, Vanguard Group Inc. grew its holdings in shares of First Watch Restaurant Group by 25.6% in the fourth quarter. Vanguard Group Inc. now owns 2,351,614 shares of the company’s stock valued at $43,764,000 after purchasing an additional 479,741 shares in the last quarter. Hedge funds and other institutional investors own 96.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Barclays decreased their price target on shares of First Watch Restaurant Group from $24.00 to $20.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 6th. Stifel Nicolaus set a $17.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, May 7th. Guggenheim lowered their price target on shares of First Watch Restaurant Group from $23.00 to $22.00 and set a “buy” rating for the company in a report on Thursday, May 8th. TD Cowen raised First Watch Restaurant Group from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a research note on Tuesday, April 1st. Finally, Sanford C. Bernstein set a $21.00 price objective on First Watch Restaurant Group in a research report on Tuesday, March 11th. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $21.36.

Insiders Place Their Bets

In other news, major shareholder International L.P. Advent sold 4,500,000 shares of First Watch Restaurant Group stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $14.70, for a total transaction of $66,150,000.00. Following the completion of the sale, the insider directly owned 14,689,784 shares in the company, valued at approximately $215,939,824.80. This trade represents a 23.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 6.00% of the stock is currently owned by insiders.

First Watch Restaurant Group Stock Performance

First Watch Restaurant Group stock opened at $16.04 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.31 and a quick ratio of 0.27. The firm has a market capitalization of $978.28 million, a P/E ratio of 94.35, a price-to-earnings-growth ratio of 4.58 and a beta of 0.91. First Watch Restaurant Group, Inc. has a 1-year low of $12.90 and a 1-year high of $22.71. The company’s 50-day moving average is $16.47 and its 200 day moving average is $18.06.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.05). First Watch Restaurant Group had a return on equity of 1.84% and a net margin of 1.03%. The business had revenue of $282.24 million during the quarter, compared to analysts’ expectations of $282.98 million. During the same quarter in the previous year, the company posted $0.12 earnings per share. The company’s quarterly revenue was up 16.4% compared to the same quarter last year. Research analysts forecast that First Watch Restaurant Group, Inc. will post 0.32 EPS 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.