First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Down 6.1% – Here’s What Happened

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) fell 6.1% on Wednesday. The stock traded as low as $11.40 and last traded at $11.2370. 67,212 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 1,434,656 shares. The stock had previously closed at $11.97.

Analyst Upgrades and Downgrades

FWRG has been the topic of a number of recent research reports. Weiss Ratings cut First Watch Restaurant Group from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, October 14th. Freedom Capital upgraded shares of First Watch Restaurant Group to a “strong-buy” rating in a research report on Wednesday, July 1st. DA Davidson dropped their price objective on shares of First Watch Restaurant Group from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, October 2nd. Guggenheim cut their price objective on shares of First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Finally, Citigroup reiterated a “buy” rating on shares of First Watch Restaurant Group in a research report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $18.00.

First Watch Restaurant Group Stock Down 6.3%

The stock has a market cap of $691.77 million, a P/E ratio of 38.65, a price-to-earnings-growth ratio of 20.27 and a beta of 1.05. 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’s 50-day moving average is $11.52 and its 200-day moving average is $11.82.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings results 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 company 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%. The company’s revenue was up 15.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.03 earnings per share. As a group, research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Watch Restaurant Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue acquired a new stake in First Watch Restaurant Group in the third quarter worth approximately $32,000. Engineers Gate Manager LP increased its position in shares of First Watch Restaurant Group by 16.1% during the 2nd quarter. Engineers Gate Manager LP now owns 29,200 shares of the company’s stock valued at $376,000 after purchasing an additional 4,050 shares during the period. Integrated Wealth Concepts LLC bought a new stake in shares of First Watch Restaurant Group in the 2nd quarter worth $70,000. Allworth Financial LP raised its stake in shares of First Watch Restaurant Group by 325.4% in the 2nd quarter. Allworth Financial LP now owns 2,225 shares of the company’s stock worth $29,000 after buying an additional 1,702 shares in the last quarter. Finally, Arizona State Retirement System lifted its holdings in shares of First Watch Restaurant Group by 9.0% in the second quarter. Arizona State Retirement System now owns 16,448 shares of the company’s stock valued at $212,000 after buying an additional 1,361 shares during the period. Institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc operates a chain of daytime restaurants specializing in breakfast, brunch and lunch. Its restaurants serve made-to-order meals prepared with fresh ingredients, including omelets, pancakes, avocado toast, salads, sandwiches and other contemporary daytime fare. The company also offers coffee, fresh juices and other beverages.

First Watch restaurants are designed around a daytime dining experience and generally operate during breakfast and lunch hours rather than offering dinner service.