First Watch Restaurant Group (NASDAQ:FWRG) Shares Down 4.7% – Should You Sell?

First Watch Restaurant Group, Inc. (NASDAQ:FWRG)’s share price traded down 4.7% during trading on Wednesday . The stock traded as low as $10.84 and last traded at $10.9250. 434,914 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 1,711,286 shares. The stock had previously closed at $11.46.

Analyst Ratings Changes

FWRG has been the topic of several research analyst reports. DA Davidson began coverage on shares of First Watch Restaurant Group in a research note on Friday, March 6th. They set a “buy” rating and a $17.00 price target on the stock. Zacks Research upgraded First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 10th. Piper Sandler reiterated an “overweight” rating and issued a $19.00 target price on shares of First Watch Restaurant Group in a research note on Tuesday, February 24th. Guggenheim dropped their target price on First Watch Restaurant Group from $23.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, February 25th. Finally, Barclays decreased their price target on First Watch Restaurant Group from $19.00 to $17.00 and set an “overweight” rating for the company in a report on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $19.75.

First Watch Restaurant Group Price Performance

The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.25 and a current ratio of 0.29. The stock’s fifty day moving average price is $14.68 and its 200-day moving average price is $15.98. The firm has a market cap of $696.08 million, a PE ratio of 36.69, a P/E/G ratio of 2.48 and a beta of 0.92.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its earnings results on Tuesday, February 24th. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.16. The company had revenue of $316.35 million during the quarter, compared to analysts’ expectations of $317.49 million. First Watch Restaurant Group had a net margin of 1.59% and a return on equity of 3.20%. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the company posted $0.01 earnings per share. As a group, equities analysts forecast that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

Insider Activity

In other news, insider Matthew Eisenacher sold 6,070 shares of the firm’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $12.59, for a total value of $76,421.30. Following the completion of the transaction, the insider owned 69,983 shares in the company, valued at $881,085.97. This trade represents a 7.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jay Anthony Wolszczak sold 6,998 shares of the business’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $12.59, for a total transaction of $88,104.82. Following the completion of the sale, the insider owned 232,091 shares in the company, valued at $2,922,025.69. This represents a 2.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 74,178 shares of company stock valued at $958,411 in the last 90 days. Insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On First Watch Restaurant Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp acquired a new stake in shares of First Watch Restaurant Group in the third quarter valued at approximately $30,000. Rockefeller Capital Management L.P. purchased a new stake in First Watch Restaurant Group in the 4th quarter valued at approximately $63,000. State of Wyoming acquired a new stake in First Watch Restaurant Group during the 4th quarter valued at $64,000. Kemnay Advisory Services Inc. acquired a new stake in First Watch Restaurant Group during the 4th quarter valued at $66,000. Finally, BNP Paribas Financial Markets raised its holdings in shares of First Watch Restaurant Group by 61.9% in the second quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company’s stock worth $70,000 after acquiring an additional 1,673 shares during the last quarter. Institutional investors and hedge funds own 96.11% of the company’s stock.

First Watch Restaurant Group Company Profile

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.