First Watch Restaurant Group (NASDAQ:FWRG) Hits New 52-Week Low Following Analyst Downgrade

First Watch Restaurant Group, Inc. (NASDAQ:FWRG)’s stock price reached a new 52-week low during mid-day trading on Tuesday after Stifel Nicolaus lowered their price target on the stock from $22.00 to $18.00. Stifel Nicolaus currently has a hold rating on the stock. First Watch Restaurant Group traded as low as $16.17 and last traded at $16.26, with a volume of 94689 shares. The stock had previously closed at $16.95.

FWRG has been the topic of several other research reports. Barclays lowered their price target on First Watch Restaurant Group from $29.00 to $27.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 8th. TD Cowen decreased their target price on First Watch Restaurant Group from $25.00 to $21.00 and set a “hold” rating on the stock in a research report on Thursday, June 13th. Finally, Citigroup lifted their price objective on shares of First Watch Restaurant Group from $24.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, First Watch Restaurant Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.17.

Insider Activity at First Watch Restaurant Group

In other news, Director William A. Kussell sold 8,386 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $22.10, for a total value of $185,330.60. Following the completion of the transaction, the director now owns 12,409 shares of the company’s stock, valued at $274,238.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 5.00% of the stock is owned by insiders.

Institutional Trading of First Watch Restaurant Group

Institutional investors have recently modified their holdings of the business. Sunbelt Securities Inc. acquired a new position in shares of First Watch Restaurant Group in the 1st quarter valued at about $65,000. iA Global Asset Management Inc. bought a new position in shares of First Watch Restaurant Group during the 3rd quarter worth approximately $95,000. Quent Capital LLC purchased a new position in First Watch Restaurant Group in the first quarter worth $172,000. AXQ Capital LP bought a new position in First Watch Restaurant Group during the third quarter valued at about $183,000. Finally, Accent Capital Management LLC purchased a new stake in shares of First Watch Restaurant Group during the 4th quarter worth approximately $211,000. Institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Price Performance

The company has a current ratio of 0.60, a quick ratio of 0.55 and a debt-to-equity ratio of 0.21. The stock has a market cap of $970.19 million, a PE ratio of 42.29, a PEG ratio of 2.25 and a beta of 0.88. The business has a 50-day moving average price of $19.82 and a 200 day moving average price of $21.50.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.02. First Watch Restaurant Group had a return on equity of 4.15% and a net margin of 2.52%. The company had revenue of $242.40 million during the quarter, compared to analysts’ expectations of $245.03 million. During the same period in the previous year, the business earned $0.15 earnings per share. The firm’s quarterly revenue was up 14.7% compared to the same quarter last year. As a group, research analysts forecast that First Watch Restaurant Group, Inc. will post 0.39 earnings per share for the current fiscal year.

First Watch Restaurant Group Company Profile

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.