First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Down 4.7% – Here’s Why

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) shares traded down 4.7% on Wednesday . The company traded as low as $10.84 and last traded at $10.9250. 434,914 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 1,711,286 shares. The stock had previously closed at $11.46.

Analyst Ratings Changes

Several brokerages recently weighed in on FWRG. TD Cowen decreased their target price on First Watch Restaurant Group from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Tuesday, February 24th. Weiss Ratings reiterated a “hold (c-)” rating on shares of First Watch Restaurant Group in a research report on Monday, December 29th. Piper Sandler reissued an “overweight” rating and issued a $19.00 price target on shares of First Watch Restaurant Group in a report on Tuesday, February 24th. Zacks Research raised shares of First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 10th. Finally, DA Davidson assumed coverage on shares of First Watch Restaurant Group in a report on Friday, March 6th. They issued a “buy” rating and a $17.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.75.

First Watch Restaurant Group Price Performance

The stock’s 50-day moving average is $14.46 and its 200 day moving average is $15.91. The company has a quick ratio of 0.25, a current ratio of 0.29 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $667.04 million, a PE ratio of 35.19, a P/E/G ratio of 2.27 and a beta of 0.92.

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

Insider Buying and Selling

In other news, CFO H Melville Hope III sold 7,358 shares of the firm’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 $92,637.22. Following the completion of the sale, the chief financial officer directly owned 115,665 shares of the company’s stock, valued at $1,456,222.35. This trade represents a 5.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Christopher Anthony Tomasso sold 25,062 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $12.52, for a total value of $313,776.24. Following the completion of the transaction, the chief executive officer owned 957,315 shares in the company, valued at $11,985,583.80. This represents a 2.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 74,178 shares of company stock worth $958,411. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Jones Financial Companies Lllp acquired a new stake in shares of First Watch Restaurant Group in the 3rd quarter valued at $30,000. Rockefeller Capital Management L.P. bought a new stake in First Watch Restaurant Group in the fourth quarter worth $63,000. State of Wyoming acquired a new position in First Watch Restaurant Group during the fourth quarter worth $64,000. Kemnay Advisory Services Inc. bought a new position in First Watch Restaurant Group during the fourth quarter valued at about $66,000. Finally, BNP Paribas Financial Markets raised its holdings in First Watch Restaurant Group by 61.9% during the second quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company’s stock valued at $70,000 after buying an additional 1,673 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 (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.