First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Down 5.6%

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) dropped 5.6% on Monday . The company traded as low as $16.58 and last traded at $16.58. Approximately 290,659 shares changed hands during trading, a decline of 48% from the average daily volume of 562,458 shares. The stock had previously closed at $17.56.

Wall Street Analyst Weigh In

FWRG has been the subject of several recent research reports. TD Cowen decreased their price target on First Watch Restaurant Group from $25.00 to $21.00 and set a “hold” rating for the company in a research note on Thursday, June 13th. Citigroup raised their price target on shares of First Watch Restaurant Group from $24.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Stifel Nicolaus raised their target price on First Watch Restaurant Group from $20.00 to $22.00 and gave the stock a “hold” rating in a research note on Wednesday, March 6th. Finally, Barclays lowered their target price on shares of First Watch Restaurant Group from $29.00 to $27.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 8th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.83.

First Watch Restaurant Group Price Performance

The firm’s fifty day simple moving average is $20.20 and its two-hundred day simple moving average is $21.58. The firm has a market cap of $1.01 billion, a PE ratio of 43.58, a P/E/G ratio of 2.25 and a beta of 0.88. The company has a quick ratio of 0.55, a current ratio of 0.60 and a debt-to-equity ratio of 0.21.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.10 by $0.02. First Watch Restaurant Group had a return on equity of 4.15% and a net margin of 2.52%. The company had revenue of $242.40 million during the quarter, compared to analyst estimates of $245.03 million. During the same quarter last year, the business posted $0.15 earnings per share. The firm’s revenue was up 14.7% on a year-over-year basis. As a group, research analysts expect that First Watch Restaurant Group, Inc. will post 0.39 EPS for the current year.

Insider Activity

In other First Watch Restaurant Group news, Director William A. Kussell sold 8,386 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $22.10, for a total value of $185,330.60. Following the sale, the director now directly owns 12,409 shares of the company’s stock, valued at $274,238.90. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 5.00% of the company’s stock.

Institutional Trading of First Watch Restaurant Group

Several institutional investors have recently made changes to their positions in FWRG. iA Global Asset Management Inc. boosted its stake in shares of First Watch Restaurant Group by 24.0% in the 1st quarter. iA Global Asset Management Inc. now owns 17,950 shares of the company’s stock valued at $442,000 after buying an additional 3,480 shares during the period. California State Teachers Retirement System increased its stake in shares of First Watch Restaurant Group by 15.6% during the first quarter. California State Teachers Retirement System now owns 31,822 shares of the company’s stock worth $783,000 after acquiring an additional 4,294 shares during the period. Vancity Investment Management Ltd boosted its stake in shares of First Watch Restaurant Group by 60.8% in the first quarter. Vancity Investment Management Ltd now owns 35,064 shares of the company’s stock valued at $863,000 after buying an additional 13,256 shares in the last quarter. Janus Henderson Group PLC purchased a new position in shares of First Watch Restaurant Group in the 1st quarter valued at about $226,000. Finally, Bayesian Capital Management LP lifted its position in shares of First Watch Restaurant Group by 17.6% during the 1st quarter. Bayesian Capital Management LP now owns 19,369 shares of the company’s stock valued at $477,000 after acquiring an additional 2,900 shares during the period. Hedge funds and other institutional investors own 96.11% of the company’s stock.

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.