First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Down 5.1% – Here’s Why

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) fell 5.1% on Friday . The stock traded as low as $16.46 and last traded at $16.3150. 223,762 shares changed hands during trading, a decline of 77% from the average session volume of 967,742 shares. The stock had previously closed at $17.20.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on FWRG shares. Weiss Ratings reissued a “hold (c-)” rating on shares of First Watch Restaurant Group in a research note on Monday. Wall Street Zen raised shares of First Watch Restaurant Group from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Zacks Research raised shares of First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a research note on Friday, October 24th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, First Watch Restaurant Group presently has an average rating of “Moderate Buy” and an average price target of $21.09.

First Watch Restaurant Group Stock Performance

The company has a market cap of $998.76 million, a price-to-earnings ratio of 204.46, a PEG ratio of 9.93 and a beta of 0.86. The firm’s 50 day simple moving average is $17.22 and its 200-day simple moving average is $17.01. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.21 and a current ratio of 0.25.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its earnings results on Tuesday, November 4th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.03). The business had revenue of $316.02 million during the quarter, compared to analyst estimates of $308.31 million. First Watch Restaurant Group had a net margin of 0.42% and a return on equity of 0.83%. On average, sell-side analysts predict that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current year.

Institutional Investors Weigh In On First Watch Restaurant Group

Large investors have recently made changes to their positions in the stock. Fifth Third Bancorp increased its holdings in shares of First Watch Restaurant Group by 8,815.8% in the second quarter. Fifth Third Bancorp now owns 1,694 shares of the company’s stock valued at $27,000 after purchasing an additional 1,675 shares during the last quarter. Jones Financial Companies Lllp purchased a new stake in First Watch Restaurant Group in the 3rd quarter valued at $30,000. First Horizon Advisors Inc. increased its stake in shares of First Watch Restaurant Group by 207.6% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,950 shares of the company’s stock worth $31,000 after acquiring an additional 1,316 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of First Watch Restaurant Group by 61.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company’s stock worth $70,000 after acquiring an additional 1,673 shares during the period. Finally, State of Wyoming boosted its position in shares of First Watch Restaurant Group by 83.0% during the 1st quarter. State of Wyoming now owns 5,882 shares of the company’s stock valued at $98,000 after acquiring an additional 2,668 shares during the last quarter. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc (NASDAQ: FWRG) operates a specialty daytime dining concept focused on breakfast, brunch and lunch. The company’s casual, full-service cafés emphasize fresh ingredients, made-to-order entrées and a seasonally driven menu that ranges from omelets and Benedicts to salads, skillets and afternoon sandwiches. First Watch positions itself as a daytime-only destination, with most locations opening early morning and closing by mid-afternoon.

Founded in 1983 by Ken Pendery and John Sullivan in Pacific Grove, California, First Watch began as a single café and gradually expanded through company-owned and select franchised locations.