First Watch Restaurant Group (NASDAQ:FWRG) Reaches New 1-Year Low – Time to Sell?

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $11.44 and last traded at $11.46, with a volume of 1710887 shares. The stock had previously closed at $12.35.

Wall Street Analysts Forecast Growth

Several analysts recently commented on FWRG shares. Citigroup lowered their target price on First Watch Restaurant Group from $26.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, February 25th. Guggenheim reduced their price target on First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday, February 25th. Piper Sandler reissued an “overweight” rating and issued a $19.00 price target on shares of First Watch Restaurant Group in a research note on Tuesday, February 24th. Stephens lowered their price target on First Watch Restaurant Group from $24.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, February 25th. Finally, Barclays cut their price objective on shares of First Watch Restaurant Group from $19.00 to $17.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, First Watch Restaurant Group presently has an average rating of “Moderate Buy” and a consensus price target of $19.75.

First Watch Restaurant Group Stock Down 7.2%

The firm has a market cap of $700.66 million, a price-to-earnings ratio of 36.97, a price-to-earnings-growth ratio of 2.45 and a beta of 0.92. The stock’s 50 day moving average is $14.78 and its 200 day moving average is $16.03. The company has a quick ratio of 0.25, a current ratio of 0.29 and a debt-to-equity ratio of 0.43.

First Watch Restaurant Group (NASDAQ:FWRG) last released its earnings results on Tuesday, February 24th. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.16. First Watch Restaurant Group had a return on equity of 3.20% and a net margin of 1.59%.The firm had revenue of $316.35 million during the quarter, compared to the consensus estimate of $317.49 million. During the same period in the prior year, the firm posted $0.01 earnings per share. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. Analysts forecast that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current year.

Insiders Place Their Bets

In related news, insider Jay Anthony Wolszczak sold 3,161 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $12.52, for a total transaction of $39,575.72. Following the completion of the transaction, the insider owned 228,930 shares of the company’s stock, valued at $2,866,203.60. This trade represents a 1.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Laura Anne Sorensen sold 4,732 shares of the business’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $12.59, for a total transaction of $59,575.88. Following the completion of the sale, the insider owned 239,050 shares in the company, valued at approximately $3,009,639.50. This trade represents a 1.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 74,178 shares of company stock valued at $958,411. 6.00% of the stock is currently owned by insiders.

Institutional Trading of First Watch Restaurant Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in First Watch Restaurant Group by 15.0% during the fourth quarter. Vanguard Group Inc. now owns 3,320,929 shares of the company’s stock worth $50,080,000 after buying an additional 432,634 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of First Watch Restaurant Group by 5.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,576,182 shares of the company’s stock valued at $38,849,000 after buying an additional 133,402 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of First Watch Restaurant Group by 51.7% in the second quarter. The Manufacturers Life Insurance Company now owns 2,335,883 shares of the company’s stock valued at $37,468,000 after buying an additional 796,191 shares in the last quarter. Lazard Asset Management LLC lifted its position in shares of First Watch Restaurant Group by 13.4% during the 2nd quarter. Lazard Asset Management LLC now owns 2,281,137 shares of the company’s stock valued at $36,589,000 after acquiring an additional 269,726 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of First Watch Restaurant Group by 1.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,213,754 shares of the company’s stock valued at $35,509,000 after acquiring an additional 39,648 shares during the last quarter. 96.11% of the stock is currently owned by institutional investors.

About First Watch Restaurant Group

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.