First Watch Restaurant Group (NASDAQ:FWRG) Trading Down 5.1% – What’s Next?

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) shares traded down 5.1% during trading on Thursday . The stock traded as low as $12.26 and last traded at $12.2350. Approximately 167,638 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 1,444,315 shares. The stock had previously closed at $12.89.

Analyst Ratings Changes

Several brokerages have recently commented on FWRG. Weiss Ratings raised First Watch Restaurant Group from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, August 4th. TD Cowen reissued a “buy” rating and issued a $17.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, June 3rd. Citigroup decreased their price objective on First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating for the company in a research report on Wednesday, August 5th. Stephens reaffirmed an “overweight” rating and set a $21.00 target price on shares of First Watch Restaurant Group in a research note on Wednesday, May 6th. Finally, Stifel Nicolaus set a $14.00 target price on First Watch Restaurant Group in a report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, First Watch Restaurant Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.56.

First Watch Restaurant Group Stock Performance

The company has a current ratio of 0.27, a quick ratio of 0.22 and a debt-to-equity ratio of 0.44. The stock has a fifty day moving average price of $12.54 and a 200 day moving average price of $12.35. The firm has a market cap of $771.99 million, a price-to-earnings ratio of 43.14, a price-to-earnings-growth ratio of 20.63 and a beta of 1.03.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The firm had revenue of $354.67 million during the quarter, compared to analyst estimates of $351.57 million. First Watch Restaurant Group had a return on equity of 2.85% and a net margin of 1.35%.First Watch Restaurant Group’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.03 earnings per share. As a group, analysts predict that First Watch Restaurant Group, Inc. will post 0.15 earnings per share for the current year.

Institutional Trading of First Watch Restaurant Group

A number of hedge funds have recently bought and sold shares of the stock. Legal & General Group Plc boosted its stake in First Watch Restaurant Group by 1.6% during the second quarter. Legal & General Group Plc now owns 45,531 shares of the company’s stock worth $730,000 after buying an additional 724 shares in the last quarter. California State Teachers Retirement System boosted its stake in shares of First Watch Restaurant Group by 1.8% in the 4th quarter. California State Teachers Retirement System now owns 46,092 shares of the company’s stock valued at $695,000 after purchasing an additional 832 shares during the last quarter. Diversified Trust Co boosted its position in shares of First Watch Restaurant Group by 4.7% in the 1st quarter. Diversified Trust Co now owns 25,654 shares of the company’s stock worth $269,000 after purchasing an additional 1,154 shares during the last quarter. Kornitzer Capital Management Inc. KS boosted its holdings in First Watch Restaurant Group by 0.5% during the first quarter. Kornitzer Capital Management Inc. KS now owns 310,837 shares of the company’s stock worth $3,258,000 after buying an additional 1,450 shares during the last quarter. Finally, Intech Investment Management LLC grew its position in shares of First Watch Restaurant Group by 11.1% during the 4th quarter. Intech Investment Management LLC now owns 16,041 shares of the company’s stock worth $242,000 after buying an additional 1,606 shares during the period. 96.11% of the stock is owned by institutional investors.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc (NASDAQ: FWRG) operates a specialty daytime dining concept focused on breakfast, brunch and lunch. The company’s casual, full-service cafés emphasize fresh ingredients, made-to-order entrées and a seasonally driven menu that ranges from omelets and Benedicts to salads, skillets and afternoon sandwiches. First Watch positions itself as a daytime-only destination, with most locations opening early morning and closing by mid-afternoon.

Founded in 1983 by Ken Pendery and John Sullivan in Pacific Grove, California, First Watch began as a single café and gradually expanded through company-owned and select franchised locations.