First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Down 5.1% – Here’s What Happened

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) dropped 5.1% 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 equities research analysts have recently commented on FWRG shares. Guggenheim cut their price target on First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating for the company in a research note on Friday, August 7th. Weiss Ratings raised shares of First Watch Restaurant Group from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 4th. Wall Street Zen upgraded shares of First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Freedom Capital raised shares of First Watch Restaurant Group to a “strong-buy” rating in a report on Wednesday, July 1st. Finally, Stephens restated an “overweight” rating and issued a $21.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, First Watch Restaurant Group presently has an average rating of “Moderate Buy” and an average target price of $18.56.

First Watch Restaurant Group Price Performance

The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.22 and a current ratio of 0.27. The stock’s fifty day moving average price is $12.52 and its 200-day moving average price is $12.39. The firm has a market cap of $755.02 million, a PE ratio of 42.21, a P/E/G ratio of 21.65 and a beta of 1.03.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings data 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 return on equity of 2.85% and a net margin of 1.35%.The company had revenue of $354.67 million for the quarter, compared to analysts’ expectations of $351.57 million. During the same period in the prior year, the firm posted $0.03 EPS. The firm’s quarterly revenue was up 15.2% on a year-over-year basis. As a group, equities analysts forecast that First Watch Restaurant Group, Inc. will post 0.15 EPS for the current fiscal year.

Institutional Investors Weigh In On First Watch Restaurant Group

Institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in First Watch Restaurant Group in the second quarter valued at $58,445,000. The Manufacturers Life Insurance Company purchased a new stake in shares of First Watch Restaurant Group in the 2nd quarter worth about $49,291,000. Bank of New York Mellon Corp acquired a new stake in First Watch Restaurant Group in the 2nd quarter valued at about $47,938,000. Woodline Partners LP purchased a new position in First Watch Restaurant Group during the 3rd quarter valued at about $20,318,000. Finally, Bank of America Corp DE purchased a new position in First Watch Restaurant Group during the 2nd quarter valued at about $13,783,000. Institutional investors and hedge funds own 96.11% of the company’s stock.

About First Watch Restaurant Group

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.