First Watch Restaurant falls after PE firm Advent's block sale

First Watch Restaurant Group's FWRG.O shares down 1.5% at $17.98 after private equity firm Advent International offloads more stock

Florida-based daytime dining chain late Mon disclosed Advent sale of 4.4 mln shares in Rule 144/unregistered block being handled by BofA Secs

Bloomberg reported the block was priced at $17.80, a 2.5% discount to stock's last close, generating $78.3 mln gross proceeds

Prior to the sale, Advent owned ~9.7 mln shares or ~15.9% of FWRG's ~61 mln shares outstanding

A month ago, Advent parted ways with 5 mln shares in public secondary offering priced at $17.90

Through Mon, FWRG shares down 1.9% YTD

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