First Watch Restaurant Group (NASDAQ:FWRG) Shares Down 5.3% – Time to Sell?

by · The Markets Daily

First Watch Restaurant Group, Inc. (NASDAQ:FWRG – Get Free Report)’s stock price traded down 5.3% on Tuesday . The stock traded as low as $10.87 and last traded at $10.7560. Approximately 44,005 shares traded hands during mid-day trading, a decline of 97% from the average session volume of 1,417,134 shares. The stock had previously closed at $11.36.

Wall Street Analysts Forecast Growth

FWRG has been the topic of several recent research reports. Citigroup lowered their target price on First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Wall Street Zen upgraded First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings upgraded First Watch Restaurant Group from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, August 28th. Guggenheim dropped their price objective on shares of First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating for the company in a report on Friday, August 7th. Finally, TD Cowen restated a “buy” rating and set a $17.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, First Watch Restaurant Group currently has an average rating of “Moderate Buy” and a consensus price target of $18.56.

Read Our Latest Research Report on FWRG

First Watch Restaurant Group Stock Down 8.0%

The stock has a market capitalization of $645.20 million, a price-to-earnings ratio of 36.09, a P/E/G ratio of 18.92 and a beta of 1.03. The business has a 50-day moving average of $12.39 and a 200-day moving average of $12.03. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.22 and a current ratio of 0.27.

First Watch Restaurant Group (NASDAQ:FWRG – Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). First Watch Restaurant Group had a net margin of 1.35% and a return on equity of 2.85%. The company had revenue of $354.67 million during the quarter, compared to analyst estimates of $351.57 million. During the same period in the previous year, the company earned $0.03 EPS. The company’s quarterly revenue was up 15.2% compared to the same quarter last year. On average, sell-side analysts expect that First Watch Restaurant Group, Inc. will post 0.15 EPS for the current year.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in First Watch Restaurant Group in the second quarter valued at approximately $58,445,000. Bank of New York Mellon Corp grew its stake in shares of First Watch Restaurant Group by 96.7% in the first quarter. Bank of New York Mellon Corp now owns 3,957,697 shares of the company’s stock valued at $41,477,000 after buying an additional 1,946,084 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of First Watch Restaurant Group in the second quarter valued at $49,291,000. Dimensional Fund Advisors LP raised its holdings in shares of First Watch Restaurant Group by 19.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,084,886 shares of the company’s stock valued at $32,328,000 after buying an additional 508,704 shares during the period. Finally, Riverbridge Partners LLC raised its holdings in shares of First Watch Restaurant Group by 90.8% in the 1st quarter. Riverbridge Partners LLC now owns 2,091,700 shares of the company’s stock valued at $21,921,000 after buying an additional 995,671 shares during the period. Hedge funds and other institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Company Profile

(Get Free Report)

First Watch Restaurant Group, Inc is a U.S.-based restaurant company that operates full-service daytime dining restaurants under the First Watch brand. Its restaurants serve breakfast, brunch and lunch, with made-to-order menu items such as omelets, eggs, pancakes, avocado toast, sandwiches, salads and fresh juices. The company emphasizes fresh ingredients, seasonal offerings and hospitality in a daytime-only operating model.

First Watch restaurants are located across the United States, primarily in suburban and high-traffic retail areas.

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