Champlain Investment Partners LLC Sells 5,344 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Champlain Investment Partners LLC trimmed its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 0.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,623,886 shares of the company’s stock after selling 5,344 shares during the quarter. Champlain Investment Partners LLC’s holdings in First Watch Restaurant Group were worth $25,333,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of FWRG. Rocky Mountain Advisers LLC boosted its holdings in First Watch Restaurant Group by 180.1% in 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 acquired a new position in shares of First Watch Restaurant Group during the 3rd quarter valued at about $119,000. Quent Capital LLC raised its stake in shares of First Watch Restaurant Group by 28.6% in the 2nd quarter. Quent Capital LLC now owns 9,000 shares of the company’s stock valued at $158,000 after acquiring an additional 2,000 shares in the last quarter. Versor Investments LP bought a new position in shares of First Watch Restaurant Group in the 3rd quarter valued at approximately $201,000. Finally, Commerce Bank acquired a new stake in First Watch Restaurant Group in the 3rd quarter worth approximately $208,000. Institutional investors and hedge funds own 96.11% of the company’s stock.

First Watch Restaurant Group Trading Up 2.8 %

First Watch Restaurant Group stock opened at $18.24 on Friday. The business has a 50 day moving average price of $16.51 and a two-hundred day moving average price of $16.98. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. First Watch Restaurant Group, Inc. has a 12 month low of $12.90 and a 12 month high of $25.98. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of 55.27, a price-to-earnings-growth ratio of 5.21 and a beta of 0.85.

First Watch Restaurant Group (NASDAQ:FWRG) last issued 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 firm had revenue of $251.61 million during the quarter, compared to analyst estimates of $256.17 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The business’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.09 earnings per share. As a group, equities analysts forecast that First Watch Restaurant Group, Inc. will post 0.31 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on FWRG shares. TD Cowen increased their price target on First Watch Restaurant Group from $18.00 to $21.00 and gave the company a “hold” rating in a report on Friday, November 8th. Barclays raised their target price on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Stephens boosted their target price 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. Guggenheim lowered their price target on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday, October 4th. Finally, Benchmark reissued 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. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.30.

Insider Activity

In other news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 19,189,784 shares in the company, valued at approximately $379,190,131.84. This represents a 29.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 5.00% of the company’s stock.

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.