First Watch Restaurant Group (NASDAQ:FWRG) Shares Gap Down – Should You Sell?

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) gapped down before the market opened on Tuesday . The stock had previously closed at $21.42, but opened at $19.75. First Watch Restaurant Group shares last traded at $19.60, with a volume of 1,189,989 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FWRG. Barclays lifted their price target on First Watch Restaurant Group from $18.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday. TD Cowen boosted their price target on shares of First Watch Restaurant Group from $18.00 to $21.00 and gave the company a “hold” rating in a report on Friday. Bank of America lowered their price objective on shares of First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Stephens increased their target price on First Watch Restaurant Group from $20.00 to $25.00 and gave the company an “overweight” rating in a report on Friday. Finally, Raymond James lifted their price target on First Watch Restaurant Group from $22.00 to $25.00 and gave the company a “strong-buy” rating in a report on Friday. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $23.30.

First Watch Restaurant Group Stock Down 8.2 %

The business has a 50 day simple moving average of $16.01 and a 200 day simple moving average of $17.32. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.57 and a quick ratio of 0.52. The stock has a market cap of $1.19 billion, a PE ratio of 59.39, a P/E/G ratio of 5.88 and a beta of 0.85.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its earnings results on Thursday, November 7th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). The firm had revenue of $251.61 million during the quarter, compared to analysts’ expectations of $256.17 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.64%. The business’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.09 EPS. On average, equities research analysts forecast that First Watch Restaurant Group, Inc. will post 0.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FWRG. Diversified Trust Co raised its holdings in First Watch Restaurant Group by 9.8% in the 3rd quarter. Diversified Trust Co now owns 15,750 shares of the company’s stock worth $246,000 after acquiring an additional 1,400 shares during the period. Sei Investments Co. lifted its stake in shares of First Watch Restaurant Group by 6.5% in the first quarter. Sei Investments Co. now owns 29,162 shares of the company’s stock valued at $718,000 after buying an additional 1,783 shares during the period. iA Global Asset Management Inc. grew its position in First Watch Restaurant Group by 10.9% during the second quarter. iA Global Asset Management Inc. now owns 19,898 shares of the company’s stock worth $349,000 after buying an additional 1,948 shares in the last quarter. Quent Capital LLC increased 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 valued at $158,000 after acquiring an additional 2,000 shares during the period. Finally, Bayesian Capital Management LP raised its holdings in First Watch Restaurant Group by 17.6% in 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 in the last quarter. Institutional investors and hedge funds own 96.11% of the company’s stock.

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.