First Watch Restaurant Group (NASDAQ:FWRG) Shares Down 5.4% – Time to Sell?

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) were down 5.4% on Wednesday . The company traded as low as $11.60 and last traded at $11.6220. 95,725 shares traded hands during trading, a decline of 93% from the average daily volume of 1,424,297 shares. The stock had previously closed at $12.29.

Analysts Set New Price Targets

Several research firms have commented on FWRG. Freedom Capital upgraded shares of First Watch Restaurant Group to a “strong-buy” rating in a report on Wednesday, July 1st. Weiss Ratings raised shares of First Watch Restaurant Group from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, August 28th. Citigroup dropped 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. Guggenheim cut their price target on First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Finally, TD Cowen reaffirmed a “buy” rating and set a $17.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.56.

First Watch Restaurant Group Stock Performance

The firm’s fifty day moving average price is $12.53 and its 200-day moving average price is $12.13. 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 firm has a market cap of $710.31 million, a price-to-earnings ratio of 39.73, a PEG ratio of 20.08 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.01). The company had revenue of $354.67 million during the quarter, compared to analyst estimates of $351.57 million. First Watch Restaurant Group had a net margin of 1.35% and a return on equity of 2.85%. The business’s revenue was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.03 EPS. Analysts expect that First Watch Restaurant Group, Inc. will post 0.15 earnings per share for the current year.

Hedge Funds Weigh In On First Watch Restaurant Group

A number of hedge funds have recently modified their holdings of FWRG. BlackRock Inc. acquired a new stake in First Watch Restaurant Group during the 2nd quarter worth $58,445,000. Bank of New York Mellon Corp raised its holdings 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 during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of First Watch Restaurant Group during the second quarter worth about $49,291,000. Vanguard Group Inc. boosted its stake in shares of First Watch Restaurant Group by 15.0% during the fourth quarter. Vanguard Group Inc. now owns 3,320,929 shares of the company’s stock worth $50,080,000 after buying an additional 432,634 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of First Watch Restaurant Group by 19.7% during the first quarter. Dimensional Fund Advisors LP now owns 3,084,886 shares of the company’s stock worth $32,328,000 after buying an additional 508,704 shares during the last quarter. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

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.