First Watch Restaurant Group (NASDAQ:FWRG) Shares Down 3.5% – Here’s What Happened

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) dropped 3.5% on Friday . The stock traded as low as $18.02 and last traded at $17.70. Approximately 102,569 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 437,942 shares. The stock had previously closed at $18.34.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FWRG. TD Cowen boosted their price objective on First Watch Restaurant Group from $18.00 to $21.00 and gave the company a “hold” rating in a research note on Friday, November 8th. Raymond James increased their price target on First Watch Restaurant Group from $22.00 to $25.00 and gave the stock a “strong-buy” rating in a report on Friday, November 8th. Piper Sandler lifted their price objective on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Benchmark reiterated a “buy” rating and set a $23.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Finally, Guggenheim decreased their price target on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating for the company in a research note on Friday, October 4th. 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. Based on data from MarketBeat, First Watch Restaurant Group presently has an average rating of “Moderate Buy” and a consensus target price of $23.30.

First Watch Restaurant Group Stock Performance

The firm has a market cap of $1.07 billion, a PE ratio of 53.97, a PEG ratio of 3.94 and a beta of 0.89. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. The company has a 50-day simple moving average of $19.00 and a two-hundred day simple moving average of $17.00.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The company had revenue of $251.61 million during the quarter, compared to analysts’ expectations of $256.17 million. During the same period last year, the firm posted $0.09 earnings per share. First Watch Restaurant Group’s quarterly revenue was up 14.8% compared to the same quarter last year. As a group, equities research analysts forecast that First Watch Restaurant Group, Inc. will post 0.31 earnings per share for the current year.

Insider Buying and Selling

In other First Watch Restaurant Group news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $19.76, for a total transaction of $158,080,000.00. Following the sale, the insider now owns 19,189,784 shares of the company’s stock, valued at $379,190,131.84. The trade was a 29.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 5.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Deepwater Asset Management LLC lifted its position in First Watch Restaurant Group by 68.5% during the second quarter. Deepwater Asset Management LLC now owns 695,649 shares of the company’s stock valued at $12,216,000 after purchasing an additional 282,765 shares during the last quarter. Barclays PLC lifted its holdings in shares of First Watch Restaurant Group by 505.3% during the 3rd quarter. Barclays PLC now owns 172,515 shares of the company’s stock worth $2,690,000 after acquiring an additional 144,014 shares during the last quarter. Mutual of America Capital Management LLC purchased a new position in First Watch Restaurant Group in the third quarter worth $5,757,000. FMR LLC grew its position in First Watch Restaurant Group by 9.5% in the third quarter. FMR LLC now owns 625,523 shares of the company’s stock worth $9,758,000 after acquiring an additional 54,282 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in First Watch Restaurant Group by 13.5% in the third quarter. Geode Capital Management LLC now owns 769,608 shares of the company’s stock valued at $12,008,000 after acquiring an additional 91,416 shares during the last quarter. 96.11% of the stock is owned by institutional investors.

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.