First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Down 3.7% – Should You Sell?

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) fell 3.7% on Wednesday . The stock traded as low as $14.44 and last traded at $14.47. 51,775 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 575,213 shares. The stock had previously closed at $15.02.

Analyst Ratings Changes

A number of research firms have recently weighed in on FWRG. Stifel Nicolaus cut their price target on First Watch Restaurant Group from $22.00 to $18.00 and set a “hold” rating for the company in a research note on Tuesday, July 2nd. Bank of America cut 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. Benchmark assumed coverage on shares of First Watch Restaurant Group in a research report on Tuesday, August 27th. They issued a “buy” rating and a $23.00 target price for the company. Barclays cut their price target on shares of First Watch Restaurant Group from $27.00 to $21.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Finally, TD Cowen reiterated a “hold” rating and issued a $18.00 price objective on shares of First Watch Restaurant Group in a report on Thursday, September 12th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $23.00.

First Watch Restaurant Group Stock Performance

The stock’s 50-day moving average price is $15.90 and its 200 day moving average price is $18.72. The company has a quick ratio of 0.52, a current ratio of 0.57 and a debt-to-equity ratio of 0.33. The company has a market cap of $869.37 million, a P/E ratio of 37.89, a price-to-earnings-growth ratio of 2.42 and a beta of 0.87.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its earnings results on Tuesday, August 6th. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.12 by $0.02. First Watch Restaurant Group had a net margin of 2.51% and a return on equity of 4.24%. The firm had revenue of $258.60 million for the quarter, compared to the consensus estimate of $257.65 million. During the same quarter last year, the firm posted $0.13 EPS. The business’s quarterly revenue was up 19.6% on a year-over-year basis. As a group, research analysts expect that First Watch Restaurant Group, Inc. will post 0.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Sunbelt Securities Inc. bought a new position in shares of First Watch Restaurant Group during the 1st quarter worth about $65,000. Quent Capital LLC bought a new position in First Watch Restaurant Group during the first quarter valued at about $172,000. SG Americas Securities LLC acquired a new position in First Watch Restaurant Group in the 3rd quarter valued at approximately $119,000. Janus Henderson Group PLC acquired a new position in First Watch Restaurant Group in the 1st quarter valued at approximately $226,000. Finally, LVW Advisors LLC bought a new stake in shares of First Watch Restaurant Group in the 1st quarter worth approximately $227,000. 96.11% of the stock is owned by institutional investors.

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.