First Watch Restaurant Group (NASDAQ:FWRG) Hits New 1-Year Low - Here's What Happened

Key Points

• First Watch Restaurant Group shares hit a new 52-week low, falling to $9.96 before last trading near $10.13, below the previous close of $10.10.
• Analyst sentiment remains mostly positive, with a consensus “Moderate Buy” rating and an average price target of $18.56, despite recent target cuts and a new sell rating from Weiss Ratings.
• The company slightly missed quarterly EPS estimates ($0.04 versus $0.05) but exceeded revenue expectations with $354.67 million, up 15.2% year over year. Institutional investors own 96.11% of the stock.

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report) shares hit a new 52-week low during trading on Friday . The stock traded as low as $9.96 and last traded at $10.1340, with a volume of 78080 shares. The stock had previously closed at $10.10.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Weiss Ratings lowered First Watch Restaurant Group from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Monday. Freedom Capital raised shares of First Watch Restaurant Group to a "strong-buy" rating in a report on Wednesday, July 1st. TD Cowen reiterated a "buy" rating and set a $17.00 target price on shares of First Watch Restaurant Group in a research note on Wednesday, June 3rd. Citigroup dropped their target price on shares of First Watch Restaurant Group from $21.00 to $20.00 and set a "buy" rating on the stock in a report on Wednesday, August 5th. Finally, Guggenheim reduced their price target on shares of First Watch Restaurant Group from $21.00 to $20.00 and set a "buy" rating on the stock in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $18.56.

First Watch Restaurant Group Stock Performance

The company has a market capitalization of $626.38 million, a price-to-earnings ratio of 35.16, a P/E/G ratio of 17.38 and a beta of 1.03. The stock has a 50 day simple moving average of $12.25 and a 200 day simple moving average of $11.98. The company has a quick ratio of 0.22, a current ratio of 0.27 and a debt-to-equity ratio of 0.44.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.01). The company had revenue of $354.67 million for the quarter, compared to analyst estimates of $351.57 million. First Watch Restaurant Group had a net margin of 1.35% and a return on equity of 2.85%. The company's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.03 EPS. As a group, analysts anticipate that First Watch Restaurant Group, Inc. will post 0.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Watch Restaurant Group

Several institutional investors have recently modified their holdings of the company. Allworth Financial LP bought a new stake in First Watch Restaurant Group during the 2nd quarter valued at $29,000. Freestone Grove Partners LP bought a new position in shares of First Watch Restaurant Group in the second quarter worth $38,000. Rockefeller Capital Management L.P. bought a new position in shares of First Watch Restaurant Group in the fourth quarter worth $63,000. Integrated Wealth Concepts LLC acquired a new position in shares of First Watch Restaurant Group during the second quarter valued at $70,000. Finally, State of Wyoming acquired a new position in shares of First Watch Restaurant Group during the second quarter valued at $81,000. Institutional investors own 96.11% of the company's stock.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc is a U.S.-based restaurant company that operates full-service daytime dining restaurants under the First Watch brand. Its restaurants serve breakfast, brunch and lunch, with made-to-order menu items such as omelets, eggs, pancakes, avocado toast, sandwiches, salads and fresh juices. The company emphasizes fresh ingredients, seasonal offerings and hospitality in a daytime-only operating model.

First Watch restaurants are located across the United States, primarily in suburban and high-traffic retail areas.

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