FWRG First Watch Restaurant Group, Inc. Insider Trading

ADVENT INTERNATIONAL sold 4,400,000 shares (4.40M) of FWRG at $17.67 on 2025-09-08 for $77,748,000.00 ($77.7M), reducing stake from 9,689,784 to 5,289,784 shares (-45.4%)

ADVENT INTERNATIONAL, a 10% owner, executed a substantial sale of 4,400,000 shares (4.40M shares), reducing holdings by -45.4% and cutting its stake to 5,289,784 shares (5.29M shares). The $77,748,000.00 ($77.7M) transaction occurred at $17.67, which is currently -20.5% from the 52-week high of $22.23, suggesting the insider disposed of shares during a period of elevated valuation relative to recent trading. The company's fundamentals present a mixed picture: annual revenue growth accelerated to +14.0%, yet profitability remains thin with net income of $2,106,000.00 ($2.1M) on revenue of $307,887,000.00 ($307.9M), yielding an elevated P/E of 252.57. Within this specific ticker, ADVENT's prior two measurable sales at FWRG (on 2025-08-08 and 2025-06-03) both saw the stock rise within 30 and 90 days, indicating historically poor sell timing at this company; this current transaction lacks any FLAG indicating scheduled disposition, so timing characteristics are analytically relevant. Investors should monitor whether this large reduction in the primary insider's stake signals material concerns about near-term valuation or growth sustainability.

FWRG CEO Tomasso sells 100,000 shares at $18.00 for $1.8M; stock now $17.84, down from $22.23 high

Tomasso Christopher Anthony (President and CEO) sold 100,000 shares (11.5% of his pre-transaction holdings) at $18.00 on 2025-08-13 for $1.8M, reducing his holdings from 866.4K to 766.4K shares. The sale occurred near the upper end of the 52-week range ($13.30–$22.23) but the stock has since declined to $17.84 (-19.8% from the 52-week high). His same-ticker history shows mixed timing: 3 of 5 prior sells at FWRG were well-timed at the 90-day mark, with recent May 2025 sales showing 30-day declines (-11.6%, -6.9%) that later recovered. The company's fundamentals show concerning metrics—revenue of $307.9M with net income of only $2.1M yields a P/E of 254.86—alongside solid annual growth of 14.0%. This sale occurs in a context where the CEO maintains substantial residual holdings (766.4K shares) post-sale, suggesting continued equity exposure while executing a material disposition near prior price peaks.

10% owner Advent International sells 5,000,000 shares of FWRG for $88.5M, cutting stake by 34.0% to 9.69M shares

Advent International, a principal shareholder holding 10% of First Watch, executed a substantial equity reduction by selling 5,000,000 shares (5.00M shares) at $17.70 on 2025-08-08 for a total of $88,500,000.00 ($88.5M), reducing its position from 14,689,784 shares (14.69M shares) to 9,689,784 shares (9.69M shares). The sale occurred within the 52-week trading range ($13.30–$22.23) and 19.9% below the annual peak, though near recent momentum (+1.7% over 30 days, +2.5% over 90 days). Across Advent's broader cross-ticker transaction history, prior sells demonstrated a 92.31% well-timed rate over 90 days; however, at FWRG specifically, only 1 of 2 prior measurable sales (the 2024-11-13 trade) achieved a negative 90-day return, suggesting variable execution at this particular ticker. The underlying business context shows FWRG expanding revenue (+14.0% annual growth to $307,887,000.00 in the latest quarter) but with compressed profitability (net income of only $2,106,000.00, P/E of 254.29), which may reflect the strategic positioning behind a large holding-company reduction of scale.

10% owner ADVENT INTERNATIONAL divested 4,500,000 shares (4.50M) at $14.70 on 2025-06-03 for $66.2M, reducing stake by 23.4%.

ADVENT INTERNATIONAL's sale of 4,500,000 shares represents a material reduction in its stake from 19,189,784 to 14,689,784 shares, a 23.4% decrease in holdings. The transaction occurred at $14.70, and the stock has since declined to $14.92 current price, down 32.9% from its 52-week high of $22.23 and down 21.5% over the past 90 days. At the same ticker, ADVENT's prior four sales showed a 75% well-timed rate at the 90-day mark (3 of 4 prior sells preceded declines), suggesting a pattern of timing exits before downturns. Against fundamentals showing negative net income of $-829,000 despite 14.0% annual revenue growth and a stretched P/E of 82.89, the scale and timing of this divestiture warrant close investor attention to the underlying operational trajectory.

FWRG CEO Tomasso sells 83.7K shares for $1.4M at $17.00; stock down 21.9% from 52-week high

Tomasso Christopher Anthony, President and CEO of First Watch Restaurant Group, filed two separate sales totaling 83,692 shares for $1,422,764.00 across May 13–14, 2025, reducing his holdings by 8.8%. The transactions occurred at $17.00 per share, while the stock currently trades at $17.36, down 21.9% from its 52-week high of $22.23 and declining 15.3% over 90 days. At the ticker-specific level, Tomasso's prior three measurable sales at FWRG showed mixed timing: the most recent sell on 2025-03-12 gained 4.3% over 30 days (outcome at 90 days not yet measurable), while his two March 2024 sales each declined 4.8–4.9% at 30 days and 26.0% at 90 days—well-timed exits ahead of downside. The company posted negative net income of $-829,000.00 in the latest quarter despite 14.0% annual revenue growth, and trades at a notably elevated P/E of 96.44, signaling valuation pressure. This sale occurs in a period of stock weakness and mixed fundamentals, warranting examination of whether the CEO's positioning reflects internal concerns about near-term momentum or execution challenges.

Director Jemley Charles purchased 15,000 shares of FWRG at $16.50 on 2025-05-12, increasing holdings by 184.4% to 23,134 shares.

Jemley Charles, a Director of First Watch Restaurant Group, executed an open-market purchase of 15,000 shares at $16.50 per share on 2025-05-12, raising his total holdings to 23,134 shares. The transaction represents a substantial increase to his position (+184.4% versus pre-transaction holdings of 8,134 shares). The purchase occurred at a price that is currently 21.9% below the 52-week high of $22.23 and 9.8% below recent pricing. Notably, Charles' cross-ticker track record shows a 100.00% well-timed rate on his 1 prior sell transaction, suggesting pattern-based accuracy in prior timing; however, this cannot be assumed to predict the trajectory of this discretionary buy decision at FWRG specifically. Against this positive backdrop, the company is operating at a loss (net income of $-829,000.00 in the latest quarter) despite year-over-year revenue growth of 14.0%, and trades at a P/E of 96.44, which warrants investor evaluation of profitability and valuation trajectory.

FWRG CEO Tomasso sold 42,039 shares at $16.81 on 2025-03-12; stock now -35.4% from 52-week high

President and CEO Tomasso Christopher Anthony sold 42,039 shares for $706,675.59, reducing his holdings from 626,755 to 584,716 shares (-6.7%). The transaction occurred at $16.81, but FWRG has since declined to $16.49 current price, trading -35.4% from its 52-week high of $25.52 and down -15.4% over the prior 90 days. His prior three sales at FWRG showed mixed outcomes: two consecutive March 2024 sales preceded -26.0% 90-day declines (well-timed by that standard), but a November 2023 sale preceded a +29.6% 90-day gain. The company reports solid fundamentals with +14.0% annual revenue growth and $251.6M quarterly revenue, though the P/E of 53.19 reflects stretched valuation relative to current $2.1M net income. This sale represents insider activity during a period of significant stock depreciation, and the CEO's track record at this ticker shows 2-of-3 prior sells were followed by declines, though the current 90-day return window has not yet closed for this transaction.

PE-backed 10% owner Advent International sells 8,000,000 shares of FWRG for $158.1M, reducing stake from 27.19M to 19.19M shares

Advent International GPE VIII-I Limited Partnership, a 10% owner of First Watch Restaurant Group, executed a sale of 8,000,000 shares at $19.76 on 2024-11-13, reducing its position by 29.4% from 27.19M to 19.19M shares. This represents a substantial partial exit by a major PE investor from a company with strong fundamentals (annual revenue growth of 22.1%, $251.6M latest quarter revenue) and elevated valuation (P/E of 42.37). The transaction occurred when the stock trades at $18.22 currently, down 28.6% from its 52-week high of $25.52 but up 21.7% over the prior 30 days, suggesting the sale may reflect portfolio optimization or fund-level capital needs rather than a rejection of company fundamentals. For investors, this signals a meaningful reduction in PE support and raises questions about whether the diminished insider commitment aligns with FWRG's valuation relative to growth profile.

10% Owner Advent Partners sold 8,000,000 shares (29.4% of holdings) for $158.1M at $19.76 on 2024-11-13

Advent Partners GPE VIII Limited Partnership, a 10% owner, executed a substantial reduction of its FWRG stake, selling 8,000,000 shares for $158,080,000.00 and retaining 19,189,784 shares. The sale occurred at $19.76, a price 8.5% above the current market price of $18.22 and notably above the 52-week low of $13.30, though 28.6% below the 52-week high of $25.52. The company's fundamentals show annual revenue growth of 22.1% and a quarterly revenue of $251,609,000.00, but profitability remains thin with net income of $2,112,000.00 and a P/E ratio of 42.37. This large single transaction by a major institutional holder reduces their exposure by 29.4% and warrants attention to the underlying reasons for such a meaningful portfolio reduction during a period when the stock has recovered 10.3% over 90 days and 21.7% over 30 days.

Major shareholder Advent International sold 8,000,000 shares of FWRG at $19.76 on 2024-11-13, reducing stake from 27.19M to 19.19M shares.

Advent International, a 10% owner, executed a large discretionary sale of 8,000,000 shares (29.4% of pre-transaction holdings) at $19.76 on 2024-11-13, generating $158,080,000.00 in proceeds. The stock has since declined to $18.22 current price, placing the sale at $19.76 above the current trading level. Notably, across Advent's entire open-market trade history, the insider has achieved a 90-day well-timed rate of 75.00%, and at FWRG specifically, all 3 prior sales on 2024-03-12 were well-timed at the 90-day mark with -24.6% negative returns post-sale. This consistent pattern of selling ahead of declines, combined with the substantial reduction in absolute position (from 19.19M shares to 8,000,000 shares), suggests the insider recognized value at $19.76 relative to subsequent price action. The company's P/E of 42.37 against a market cap of $1,103,582,120.40 and recent quarterly net income of $2,112,000.00 reflects elevated valuation multiples on modest profitability, which may have influenced the decision to liquidate a meaningful portion of the position.