BUZZ-First Watch Restaurant down as PE firm Advent exits

Reuters11-06
BUZZ-<a href="https://laohu8.com/S/FWRG">First Watch Restaurant</a> down as PE firm Advent exits

** First Watch Restaurant Group's FWRG.O shares down 2.3% in extended trading at $17.52 as private equity firm Advent International divests remaining 8.7% stake

** Florida-based daytime dining chain launches secondary offering of ~5.3 mln shares

** Citigroup sole underwriter

** FWRG has ~61 mln shares outstanding, the filing shows

** Advent last offloaded 4.4 mln shares in Sept in an unregistered block priced at $17.80, which was handled by BofA

** FWRG shares on Weds finished up 1.9% at $17.94 following 11% gain on Tues after co's Q3 rev and adj EBITDA surpassed analysts' expectations

** Through Weds, shares down 3.6% YTD

** Avg rating among 11 analysts is "buy" and median PT is $22, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment