First Watch Restaurant Group (NASDAQ:FWRG) Trading Down 5.1% - Should You Sell?

Key Points

• First Watch shares fell 5.1% to about $12.24 in mid-day trading, with volume down 88% from the average session.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $18.56, despite some target reductions.
• The company’s latest quarterly revenue rose 15.2% year over year to $354.67 million, but EPS of $0.04 missed estimates by $0.01. Institutional investors own approximately 96.11% of the stock.

First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Get Free Report)'s share price dropped 5.1% during mid-day trading on Thursday . The company traded as low as $12.26 and last traded at $12.2350. Approximately 167,638 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 1,444,315 shares. The stock had previously closed at $12.89.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Weiss Ratings raised First Watch Restaurant Group from a "sell (d)" rating to a "sell (d+)" rating in a report on Tuesday, August 4th. TD Cowen reaffirmed a "buy" rating and set a $17.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, June 3rd. Guggenheim dropped their price objective on First Watch Restaurant Group from $21.00 to $20.00 and set a "buy" rating on the stock in a report on Friday, August 7th. Stifel Nicolaus set a $14.00 price objective on First Watch Restaurant Group in a report on Tuesday, May 5th. Finally, Freedom Capital raised First Watch Restaurant Group to a "strong-buy" rating in a research report on Wednesday, July 1st. One investment 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 given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $18.56.

First Watch Restaurant Group Price Performance

The stock's 50-day moving average is $12.52 and its 200 day moving average is $12.39. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.22 and a current ratio of 0.27. The stock has a market capitalization of $755.02 million, a PE ratio of 42.21, a P/E/G ratio of 21.65 and a beta of 1.03.

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 the consensus estimate of $0.05 by ($0.01). First Watch Restaurant Group had a net margin of 1.35% and a return on equity of 2.85%. The company had revenue of $354.67 million during the quarter, compared to analyst estimates of $351.57 million. During the same quarter in the prior year, the company earned $0.03 EPS. The business's revenue was up 15.2% on a year-over-year basis. As a group, equities analysts expect that First Watch Restaurant Group, Inc. will post 0.15 earnings per share for the current year.

Institutional Trading of First Watch Restaurant Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. California State Teachers Retirement System grew its position in First Watch Restaurant Group by 1,157.5% during the 2nd quarter. California State Teachers Retirement System now owns 972,976 shares of the company's stock worth $12,542,000 after purchasing an additional 895,603 shares during the last quarter. Ancora Advisors LLC boosted its stake in shares of First Watch Restaurant Group by 111.4% during the second quarter. Ancora Advisors LLC now owns 319,802 shares of the company's stock worth $4,122,000 after buying an additional 168,550 shares during the period. Penn Capital Management Company LLC boosted its stake in shares of First Watch Restaurant Group by 29.1% during the second quarter. Penn Capital Management Company LLC now owns 1,472,751 shares of the company's stock worth $19,016,000 after buying an additional 331,594 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of First Watch Restaurant Group by 21.8% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 92,917 shares of the company's stock worth $1,198,000 after buying an additional 16,614 shares during the last quarter. Finally, Empowered Funds LLC acquired a new position in First Watch Restaurant Group in the 2nd quarter valued at about $4,678,000. Hedge funds and other institutional investors 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.

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