First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Down 3.5% – What’s Next?

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) traded down 3.5% during trading on Friday . The stock traded as low as $18.02 and last traded at $17.70. 102,569 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 437,942 shares. The stock had previously closed at $18.34.

Analyst Upgrades and Downgrades

FWRG has been the subject of several research analyst reports. Barclays raised their target price on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. TD Cowen lifted their target price on First Watch Restaurant Group from $18.00 to $21.00 and gave the stock a “hold” rating in a report on Friday, November 8th. Stephens increased their price target on First Watch Restaurant Group from $20.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Guggenheim reduced their price objective on First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday, October 4th. Finally, Raymond James increased their target price on First Watch Restaurant Group from $22.00 to $25.00 and gave the company a “strong-buy” rating in a research report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $23.30.

First Watch Restaurant Group Stock Down 3.1 %

The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54. The company has a fifty day moving average of $18.93 and a two-hundred day moving average of $17.01. The company has a market cap of $1.08 billion, a PE ratio of 53.88, a price-to-earnings-growth ratio of 3.94 and a beta of 0.89.

First Watch Restaurant Group (NASDAQ:FWRG) last released its earnings results on Thursday, November 7th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.02). The firm had revenue of $251.61 million during the quarter, compared to the consensus estimate of $256.17 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. First Watch Restaurant Group’s revenue was up 14.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.09 EPS. As a group, analysts anticipate that First Watch Restaurant Group, Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $19.76, for a total transaction of $158,080,000.00. Following the completion of the sale, the insider now directly owns 19,189,784 shares of the company’s stock, valued at approximately $379,190,131.84. The trade was a 29.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.00% of the company’s stock.

Institutional Trading of First Watch Restaurant Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Rocky Mountain Advisers LLC increased its holdings in First Watch Restaurant Group by 180.1% during the third quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company’s stock valued at $103,000 after buying an additional 4,250 shares during the period. SG Americas Securities LLC purchased a new position in shares of First Watch Restaurant Group in the 3rd quarter valued at $119,000. XTX Topco Ltd bought a new position in shares of First Watch Restaurant Group in the 3rd quarter worth $157,000. Versor Investments LP purchased a new stake in shares of First Watch Restaurant Group during the 3rd quarter worth $201,000. Finally, Commerce Bank bought a new stake in First Watch Restaurant Group during the third quarter valued at about $208,000. 96.11% of the stock is currently owned by institutional investors.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc, through its subsidiaries, operates and franchises restaurants under the First Watch trade name in the United States. The company was formerly known as AI Fresh Super Holdco, Inc and changed its name to First Watch Restaurant Group, Inc in December 2019. First Watch Restaurant Group, Inc was founded in 1983 and is based in Bradenton, Florida.