First Watch Restaurant Group (NASDAQ:FWRG) Shares Down 3.7%

First Watch Restaurant Group, Inc. (NASDAQ:FWRG)’s stock price dropped 3.7% during mid-day trading on Wednesday . The stock traded as low as $14.44 and last traded at $14.47. Approximately 51,775 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 575,213 shares. The stock had previously closed at $15.02.

Wall Street Analysts Forecast Growth

FWRG has been the topic of a number of recent analyst reports. Barclays lowered their price target on First Watch Restaurant Group from $27.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Bank of America dropped their price target on First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. TD Cowen reaffirmed a “hold” rating and set a $18.00 price objective on shares of First Watch Restaurant Group in a research report on Thursday, September 12th. Stifel Nicolaus cut their target price on shares of First Watch Restaurant Group from $22.00 to $18.00 and set a “hold” rating for the company in a research note on Tuesday, July 2nd. Finally, Benchmark assumed coverage on shares of First Watch Restaurant Group in a report on Tuesday, August 27th. They set a “buy” rating and a $23.00 target price for the company. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, First Watch Restaurant Group currently has an average rating of “Moderate Buy” and an average price target of $23.00.

First Watch Restaurant Group Stock Down 6.5 %

The company has a current ratio of 0.57, a quick ratio of 0.52 and a debt-to-equity ratio of 0.33. The firm has a market cap of $848.24 million, a price-to-earnings ratio of 37.37, a PEG ratio of 2.42 and a beta of 0.88. The firm’s 50 day simple moving average is $15.90 and its two-hundred day simple moving average is $18.75.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.02. The business had revenue of $258.60 million during the quarter, compared to analysts’ expectations of $257.65 million. First Watch Restaurant Group had a return on equity of 4.24% and a net margin of 2.51%. The firm’s revenue for the quarter was up 19.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.13 earnings per share. On average, equities analysts forecast that First Watch Restaurant Group, Inc. will post 0.34 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FWRG. Sunbelt Securities Inc. acquired a new stake in shares of First Watch Restaurant Group in the 1st quarter valued at $65,000. Quent Capital LLC raised its stake in First Watch Restaurant Group by 28.6% during the second quarter. Quent Capital LLC now owns 9,000 shares of the company’s stock worth $158,000 after acquiring an additional 2,000 shares in the last quarter. Accent Capital Management LLC bought a new position in shares of First Watch Restaurant Group in the fourth quarter worth about $211,000. Janus Henderson Group PLC acquired a new stake in shares of First Watch Restaurant Group in the 1st quarter valued at approximately $226,000. Finally, LVW Advisors LLC bought a new stake in shares of First Watch Restaurant Group during the 1st quarter valued at approximately $227,000. 96.11% of the stock is owned by institutional investors.

About First Watch Restaurant Group

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.