First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Down 5.3% – Here’s Why

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) fell 5.3% during trading on Tuesday . The stock traded as low as $10.87 and last traded at $10.7560. 44,005 shares were traded 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.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Freedom Capital raised shares of First Watch Restaurant Group to a “strong-buy” rating in a report on Wednesday, July 1st. Guggenheim decreased their price target on shares of 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. TD Cowen restated a “buy” rating and set a $17.00 price target on shares of First Watch Restaurant Group in a research report on Wednesday, June 3rd. Weiss Ratings cut shares of First Watch Restaurant Group from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday. Finally, Wall Street Zen raised shares of First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. One 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 given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $18.56.

First Watch Restaurant Group Stock Performance

The stock has a 50-day moving average of $12.30 and a 200 day moving average of $11.99. The stock has a market cap of $643.64 million, a PE ratio of 35.97, a P/E/G ratio of 17.48 and a beta of 1.03. The company has a quick ratio of 0.22, a current ratio of 0.27 and a debt-to-equity ratio of 0.44.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its earnings results 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). 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 analysts’ expectations of $351.57 million. During the same quarter in the previous year, the company earned $0.03 earnings per share. The firm’s quarterly revenue was up 15.2% compared to the same quarter last year. Equities analysts predict 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

Several hedge funds and other institutional investors have recently bought and sold shares of FWRG. BlackRock Inc. purchased a new stake in shares of First Watch Restaurant Group during the 2nd quarter valued at approximately $58,445,000. The Manufacturers Life Insurance Company purchased a new position in First Watch Restaurant Group in the second quarter worth approximately $49,291,000. Bank of New York Mellon Corp purchased a new position in First Watch Restaurant Group in the second quarter worth approximately $47,938,000. Bank of America Corp DE acquired a new stake in First Watch Restaurant Group during the second quarter worth $13,783,000. Finally, Riverbridge Partners LLC increased its stake in First Watch Restaurant Group by 90.8% during the first quarter. Riverbridge Partners LLC now owns 2,091,700 shares of the company’s stock worth $21,921,000 after acquiring an additional 995,671 shares during the last quarter. 96.11% of the stock is currently owned by institutional investors and hedge funds.

About First Watch Restaurant Group

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.