First Watch Restaurant Group, Inc.· FWRG

🇺🇸 US · SmallBroad USNASDAQ

Consumer Cyclical Restaurants Website

Price: $10.14
Day: -0.39%
Mkt Cap: $625.76M
52W Range: $9.96 – $18.82
Volume: 1.07M
Beta: 1.03

D55D FrameworkQuarterly Data

Holdings Analysis

Insider activity, institutional flows, and fund ownership.

Smart Money: 3.4 / 5 (Neutral), from 3 of 3 components
Institutions Q2 2026: 213 institutions hold; 125 added, 62 reduced

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First Watch Restaurant Group, Inc.

FWRG|Consumer Cyclical|Restaurants

Current price: $10

Smart Money

Dimension 5 of 5

Insider selling pace · Q1 2026

0.0x

vs own 6-quarter average

Seller breadth · Q1 2026

8 sellers

vs 2.6 avg per quarter

Institutional net breadth · Q2 2026

+59

159 adding vs 100 reducing

Institutional ownership · Q2 2026

N/A

overlapping 13F filings

Insider Selling Pace

Each quarter's selling vs this stock's own trailing 6-quarter average

Light <0.5xRoutineElevated >1.5xHeavy >3xBuying

Institutional Positions

Institutions adding above the line, reducing below, net as a line

NewIncreasedReducedClosedNet

Largest Institutional Holders, Q2 2026

By reported market value, and how each moved in the quarter

Holder

Change

BLACKROCK, INC.

4.5M

+10.6%

MANUFACTURERS LIFE INSURANCE COMPANY, THE

3.8M

+13.9%

MANUFACTURERS LIFE INSURANCE COMPANY, THE

3.8M

+13.1%

BANK OF NEW YORK MELLON CORP

3.7M

-6.7%

DIMENSIONAL FUND ADVISORS LP

2.6M

-16.4%

VANGUARD CAPITAL MANAGEMENT LLC

2.5M

+1.4%

ETF & Fund Activity, Q2 2026

How the covering funds split between buying, holding and selling

60 buying86 unchanged26 selling

172 funds held FWRG in Q2 2026, holding 39.5M shares between them, up 4.9% on the quarter.

Largest fund holders

ROYCE CAPITAL FUND48.2K sh

SEI INSTITUTIONAL MANAGED TRUST48.1K sh

VICTORY PORTFOLIOS45.0K sh

Notable Insider Transactions, Q1 2026

Largest open-market purchases and sales by value in the last eight quarters

Sale · Nov 13

Advent International GPE VIII-I Limited Partnership

$158.1M

Sale · Nov 13

Advent Partners GPE VIII Limited Partnership

$158.1M

Sale · Nov 13

ADVENT INTERNATIONAL, L.P.

$158.1M

Insider transactions from SEC Form 4 filings; institutional holdings from quarterly 13F filings, which are reported with a lag and can overlap between filers. 13F: quarterly institutional holdings report · ETF: Exchange-Traded Fund

See the complete picture

The full 5D Framework: Business Quality · Peer Comparison · Valuation · Analyst Sentiment · Smart Money

Explore FWRG on stockoscope.com→

Generated September 22, 2026

For educational purposes only. Not financial advice. Data may be delayed or incomplete.

Smart Money Sentiment

FWRG Smart Money Sentiment Score

A weighted 1-5 sentiment score across three smart money signals.

Smart Money

3.4/5

Neutral

Weighted across 3 components

Component Breakdown (3 of 3 available)

Insider Activity

40% weight

+25

Institutional Flow

50% weight

Fund Flow

10% weight

+60

Overall Smart Money sentiment of 3.4/5 (Neutral) based on a weighted combination of 3 components. Insider activity uses a relative-baseline comparison against the stock's own history; institutional flow tracks position momentum and 13F share changes; fund flow measures ETF / mutual-fund buying vs selling. Higher scores indicate stronger bullish sentiment from professional investors.Last updated September 21, 2026.

Insider Trading Activity

Insider trading analysis comparing the latest quarter against the stock's own historical baseline.

Insider Selling Pace for FWRG

Each quarter's selling vs the stock's own trailing 6-quarter average; 1.0x is typical for this stock. Green triangles mark quarters with insider buying.

Bullish Signal

Insider selling eased in Q1 2026

13 sales totaling $1.0M (79.1K shares)

Share volume is well below the historical pace (0.0x average), insiders are holding more

8 different insiders sold this quarter

Buying seen in 1 of 15 quarters

0.0x

Selling pace

vs own 6-qtr average

Light

0.02%

Stake sold

of active insiders' holdings

8 sellers

Seller breadth

vs 2.2 avg per quarter

Q2 2025

Last insider purchase

buying in 1 of 16 quarters

Notable Recent Transactions, FWRG

Top 8 highest-value insider trades from the last 8 quarters

Advent International GPE VIII-I Limited Partnership

10% Owner

Sell

8,000,000 shares at $19.76

≈29.4% of their stake at the time

Nov 13, 2024$158.08M

Advent Partners GPE VIII Limited Partnership

10% Owner

Sell

8,000,000 shares at $19.76

≈29.4% of their stake at the time

Nov 13, 2024$158.08M

ADVENT INTERNATIONAL, L.P.

10% Owner

Sell

8,000,000 shares at $19.76

≈29.4% of their stake at the time

Nov 13, 2024$158.08M

ADVENT INTERNATIONAL, L.P.

10% Owner

Sell

5,000,000 shares at $17.70

≈34.0% of their stake at the time

Aug 8, 2025$88.50M

ADVENT INTERNATIONAL, L.P.

10% Owner

Sell

4,400,000 shares at $17.67

≈45.4% of their stake at the time

Sep 8, 2025$77.75M

ADVENT INTERNATIONAL, L.P.

10% Owner

Sell

4,500,000 shares at $14.70

≈23.4% of their stake at the time

Jun 3, 2025$66.15M

Tomasso Christopher Anthony

CEO

Sell

100,000 shares at $18.00

≈11.5% of their stake at the time

Aug 13, 2025$1.80M

Tomasso Christopher Anthony

CEO

Sell

42,346 shares at $17.00

≈4.5% of their stake at the time

May 13, 2025$719.88K

Institutional Ownership Analysis

Institutional ownership analysis with position momentum, 13F share flow, and ownership percentage trends.

Institutional Positions for FWRG

Institutions adding (new + increased) above zero, reducing (reduced + closed) below, net as a line

New Increased Reduced Closed Net (adding − reducing)

Neutral

Mixed institutional activity in Q2 2026

13F filings cover more than 100% of shares this quarter (overlapping reports), so ownership and share-flow figures are unreliable

Moderate accumulation: 159 adding vs 100 reducing

+59

Net breadth

159 adding vs 100 reducing

Accumulating

1.59

Add / reduce ratio

in Q2 2026

-4

New − closed

34 initiated, 38 exited

6 of 10

Top holders adding

largest holders with a known change

Position Changes

Q2 2026: how are institutions adjusting their positions?

+159 growing-100 shrinkingNet: +59

125

New (34)

Increased (125)

Reduced (62)

Closed (38)

Top Institutional Holders, FWRG

Largest 8 institutional positions by ownership percentage as of Q2 2026

BLACKROCK, INC.

4.5M

$58.4M

Ownership

7.35%

+10.6%

MANUFACTURERS LIFE INSURANCE COMPANY, THE

3.8M

$49.3M

Ownership

6.24%

+13.9%

MANUFACTURERS LIFE INSURANCE COMPANY, THE

3.8M

$49.3M

Ownership

6.20%

+13.1%

BANK OF NEW YORK MELLON CORP

3.7M

$47.9M

Ownership

6.03%

-6.7%

DIMENSIONAL FUND ADVISORS LP

2.6M

$33.5M

Ownership

4.21%

-16.4%

VANGUARD CAPITAL MANAGEMENT LLC

2.5M

$31.6M

Ownership

3.98%

+1.4%

MILLENNIUM MANAGEMENT LLC

2.2M

$28.3M

Ownership

3.56%

-32.6%

NEUBERGER BERMAN GROUP LLC

2.1M

$26.7M

Ownership

3.35%

-42.5%

ETF and Mutual Fund Holdings

ETF and mutual fund activity breakdown showing buying vs selling funds, top fund holders, and detailed holdings.

Fund Activity

Q2 2026: 172 ETFs and mutual funds reporting

60 buying26 sellingNet: +34

Buying (60)

Unchanged (86)

Selling (26)

In total, funds bought 3.2M shares and sold 1.3M this quarter. Each fund counts once in the bar above, whatever the size of its move.

Very Bullish

Funds accumulating in Q2 2026

172 ETFs and mutual funds reporting

60 funds buying vs 26 selling

Top Fund Holders, FWRG

Largest 8 ETF and mutual fund positions by shares held, each fund's latest filing

ROYCE CAPITAL FUND

48.2K

Weight

19.18%

Jun 30, 2026Increased

SEI INSTITUTIONAL MANAGED TRUST

48.1K

Weight

0.05%

Jun 30, 2026No change

VICTORY PORTFOLIOS

45.0K

Weight

0.03%

Jun 30, 2026Increased

Goldman Sachs ETF Trust

43.8K

Weight

0.03%

Jun 30, 2026No change

Victory Portfolios II

43.2K

Weight

0.05%

Jun 30, 2026No change

DELAWARE GROUP EQUITY FUNDS IV

43.2K

Weight

1.85%

Jun 30, 2026No change

NORTHERN FUNDS

32.1K

Weight

0.03%

Jun 30, 2026Increased

VANGUARD INSTITUTIONAL INDEX FUNDS

29.3K

Weight

0.02%

Jun 30, 2026Decreased

First Watch Restaurant Group, Inc.· FWRG

Holdings Analysis

Insider Trading Activity

1.3Transaction History78Real market purchases and sales onlyShow All Types

Institutional Ownership Analysis

2.4Detailed Holdings109Most recent institutional positions with changes and valuations

ETF and Mutual Fund Holdings

3.3Fund Holdings Details25Most recent ETF and mutual fund holdings with share counts and weights

Search stocks

Holdings Analysis

Insider Trading Activity

1.3Transaction History78Real market purchases and sales onlyShow All Types

Institutional Ownership Analysis

2.4Detailed Holdings109Most recent institutional positions with changes and valuations

ETF and Mutual Fund Holdings

3.3Fund Holdings Details25Most recent ETF and mutual fund holdings with share counts and weights