First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Down 5.8% - Here's Why

Key Points

• First Watch Restaurant Group's shares fell by 5.8%, trading between $17.08 and $17.20, amidst increased trading volume, suggesting market volatility.
• Analysts are divided on the stock, with a consensus "Buy" rating and a target price of $21.09, while one firm downgraded it from "Hold" to "Sell."
• In a major insider transaction, Advent International sold 5 million shares, decreasing their stake by over 34%, while various hedge funds have recently increased their holdings in the company.

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) dropped 5.8% on Tuesday . The stock traded as low as $17.08 and last traded at $17.20. Approximately 1,296,376 shares traded hands during mid-day trading, an increase of 50% from the average daily volume of 863,659 shares. The stock had previously closed at $18.26.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on FWRG shares. Raymond James Financial boosted their target price on First Watch Restaurant Group from $21.00 to $22.00 and gave the stock a "strong-buy" rating in a research report on Thursday, July 17th. Stephens boosted their target price on First Watch Restaurant Group from $23.00 to $24.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. Barclays boosted their target price on First Watch Restaurant Group from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. TD Securities restated a "buy" rating and set a $19.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, June 4th. Finally, Wall Street Zen cut First Watch Restaurant Group from a "hold" rating to a "sell" rating in a report on Friday, September 5th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $21.09.

First Watch Restaurant Group Price Performance

The company has a market capitalization of $1.04 billion, a PE ratio of 283.71, a PEG ratio of 6.30 and a beta of 0.92. The firm has a fifty day moving average of $17.78 and a two-hundred day moving average of $17.30. The company has a current ratio of 0.27, a quick ratio of 0.23 and a debt-to-equity ratio of 0.42.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.04). The company had revenue of $307.89 million for the quarter, compared to analysts' expectations of $304.94 million. First Watch Restaurant Group had a net margin of 0.37% and a return on equity of 0.69%. The company's revenue was up 19.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.14 earnings per share. First Watch Restaurant Group has set its FY 2025 guidance at EPS. Research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

Insiders Place Their Bets

In other First Watch Restaurant Group news, major shareholder International L.P. Advent sold 4,400,000 shares of the stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $17.67, for a total value of $77,748,000.00. Following the completion of the sale, the insider owned 5,289,784 shares in the company, valued at approximately $93,470,483.28. This trade represents a 45.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 6.00% of the company's stock.

Institutional Investors Weigh In On First Watch Restaurant Group

Several institutional investors and hedge funds have recently bought and sold shares of FWRG. Fifth Third Bancorp lifted its holdings in First Watch Restaurant Group by 8,815.8% in the 2nd quarter. Fifth Third Bancorp now owns 1,694 shares of the company's stock worth $27,000 after buying an additional 1,675 shares during the period. First Horizon Advisors Inc. lifted 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 valued at $31,000 after purchasing an additional 1,316 shares during the period. State of Wyoming lifted its stake in shares of First Watch Restaurant Group by 212.6% in the 4th quarter. State of Wyoming now owns 3,214 shares of the company's stock valued at $60,000 after purchasing an additional 2,186 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of First Watch Restaurant Group by 61.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company's stock valued at $70,000 after purchasing an additional 1,673 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of First Watch Restaurant Group by 1,617.7% in the 1st quarter. GAMMA Investing LLC now owns 5,445 shares of the company's stock valued at $91,000 after purchasing an additional 5,128 shares during the period. Hedge funds and other institutional investors own 96.11% of the company's stock.

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.