First Watch Restaurant Group (NASDAQ:FWRG) Shares Down 5.6%

First Watch Restaurant Group, Inc. (NASDAQ:FWRG)’s stock price was down 5.6% during trading on Monday . The stock traded as low as $16.58 and last traded at $16.58. Approximately 290,659 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 562,458 shares. The stock had previously closed at $17.56.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on FWRG shares. Citigroup lifted their price objective on First Watch Restaurant Group from $24.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. Stifel Nicolaus dropped their price objective on shares of First Watch Restaurant Group from $22.00 to $18.00 and set a “hold” rating on the stock in a research note on Tuesday. Barclays lowered their price target on shares of First Watch Restaurant Group from $29.00 to $27.00 and set an “overweight” rating on the stock in a report on Wednesday, May 8th. Finally, TD Cowen decreased their price objective on shares of First Watch Restaurant Group from $25.00 to $21.00 and set a “hold” rating for the company in a research report on Thursday, June 13th. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, First Watch Restaurant Group presently has an average rating of “Moderate Buy” and a consensus price target of $24.17.

First Watch Restaurant Group Price Performance

The stock has a market capitalization of $979.85 million, a PE ratio of 42.71, a price-to-earnings-growth ratio of 2.25 and a beta of 0.88. The stock’s 50 day moving average is $19.96 and its two-hundred day moving average is $21.54. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.55 and a current ratio of 0.60.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.02. The firm had revenue of $242.40 million for the quarter, compared to analyst estimates of $245.03 million. First Watch Restaurant Group had a net margin of 2.52% and a return on equity of 4.15%. First Watch Restaurant Group’s quarterly revenue was up 14.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.15 earnings per share. On average, equities analysts anticipate that First Watch Restaurant Group, Inc. will post 0.39 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director William A. Kussell sold 8,386 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $22.10, for a total value of $185,330.60. Following the transaction, the director now owns 12,409 shares of the company’s stock, valued at approximately $274,238.90. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 5.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. WCM Investment Management LLC acquired a new stake in shares of First Watch Restaurant Group during the first quarter valued at about $16,030,000. Invesco Ltd. acquired a new stake in First Watch Restaurant Group in the 3rd quarter valued at approximately $8,940,000. Foxhaven Asset Management LP raised its position in First Watch Restaurant Group by 44.3% in the fourth quarter. Foxhaven Asset Management LP now owns 1,046,362 shares of the company’s stock valued at $21,032,000 after purchasing an additional 321,375 shares during the period. Deepwater Asset Management LLC lifted its stake in First Watch Restaurant Group by 275.3% during the first quarter. Deepwater Asset Management LLC now owns 412,884 shares of the company’s stock worth $10,165,000 after purchasing an additional 302,878 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of First Watch Restaurant Group by 25.1% during the third quarter. Vanguard Group Inc. now owns 1,311,905 shares of the company’s stock worth $22,683,000 after buying an additional 263,101 shares during the period. Institutional investors and hedge funds own 96.11% of the company’s stock.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc, through its subsidiaries, operates and franchises restaurants under the First Watch trade name in the United States. The company was formerly known as AI Fresh Super Holdco, Inc and changed its name to First Watch Restaurant Group, Inc in December 2019. First Watch Restaurant Group, Inc was founded in 1983 and is based in Bradenton, Florida.