First Watch Restaurant Group (NASDAQ:FWRG) Hits New 12-Month Low – What’s Next?

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

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Guggenheim dropped 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. Wall Street Zen upgraded shares of First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Citigroup lowered their price objective on shares of First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. TD Cowen reissued a “buy” rating and set a $17.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, June 3rd. Finally, Weiss Ratings downgraded First Watch Restaurant Group from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $18.56.

First Watch Restaurant Group Stock Up 0.5%

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

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The company had revenue of $354.67 million during 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 last year, the business earned $0.03 EPS. As a group, equities analysts anticipate that First Watch Restaurant Group, Inc. will post 0.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Engineers Gate Manager LP increased its position in shares of First Watch Restaurant Group by 16.1% in the second quarter. Engineers Gate Manager LP now owns 29,200 shares of the company’s stock worth $376,000 after acquiring an additional 4,050 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of First Watch Restaurant Group in the 2nd quarter valued at approximately $70,000. Allworth Financial LP boosted its stake in First Watch Restaurant Group by 325.4% in the 2nd quarter. Allworth Financial LP now owns 2,225 shares of the company’s stock worth $29,000 after purchasing an additional 1,702 shares during the period. Arizona State Retirement System boosted its stake in First Watch Restaurant Group by 9.0% in the 2nd quarter. Arizona State Retirement System now owns 16,448 shares of the company’s stock worth $212,000 after purchasing an additional 1,361 shares during the period. Finally, Corient Private Wealth LP grew its position in First Watch Restaurant Group by 105.3% during the 2nd quarter. Corient Private Wealth LP now owns 285,062 shares of the company’s stock worth $3,674,000 after purchasing an additional 146,196 shares in the last quarter. 96.11% of the stock is currently owned by institutional investors and hedge funds.

About First Watch Restaurant Group

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.