First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Down 3.5% – Should You Sell?

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) were down 3.5% during trading on Friday . The company traded as low as $18.02 and last traded at $17.70. Approximately 102,569 shares changed hands during trading, a decline of 77% from the average daily volume of 437,942 shares. The stock had previously closed at $18.34.

Analysts Set New Price Targets

Several equities analysts have commented on FWRG shares. Piper Sandler upped their price objective on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Barclays upped their price target on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Stephens raised their price objective on shares of First Watch Restaurant Group from $20.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Raymond James increased their target price on First Watch Restaurant Group from $22.00 to $25.00 and gave the stock a “strong-buy” rating in a research note on Friday, November 8th. Finally, TD Cowen upped their price objective on First Watch Restaurant Group from $18.00 to $21.00 and gave the company a “hold” rating in a report on Friday, November 8th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.30.

First Watch Restaurant Group Stock Performance

The firm has a market capitalization of $1.07 billion, a price-to-earnings ratio of 53.97, a PEG ratio of 3.94 and a beta of 0.89. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. The stock’s 50-day moving average is $19.00 and its 200-day moving average is $17.00.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its earnings results on Thursday, November 7th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The company had revenue of $251.61 million for the quarter, compared to the consensus estimate of $256.17 million. During the same period in the previous year, the firm posted $0.09 EPS. The business’s quarterly revenue was up 14.8% compared to the same quarter last year. On average, analysts predict that First Watch Restaurant Group, Inc. will post 0.31 EPS for the current fiscal year.

Insider Buying and Selling at First Watch Restaurant Group

In related news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $19.76, for a total value of $158,080,000.00. Following the sale, the insider now owns 19,189,784 shares of the company’s stock, valued at $379,190,131.84. The trade was a 29.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FWRG. JPMorgan Chase & Co. raised its position in shares of First Watch Restaurant Group by 22.6% during the third quarter. JPMorgan Chase & Co. now owns 1,986,425 shares of the company’s stock worth $30,988,000 after acquiring an additional 366,227 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in First Watch Restaurant Group by 14.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,533,290 shares of the company’s stock worth $23,919,000 after purchasing an additional 192,471 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of First Watch Restaurant Group by 15.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,385,972 shares of the company’s stock worth $24,338,000 after purchasing an additional 189,740 shares during the period. Franklin Resources Inc. boosted its stake in shares of First Watch Restaurant Group by 14.0% in the 3rd quarter. Franklin Resources Inc. now owns 1,114,974 shares of the company’s stock valued at $16,022,000 after purchasing an additional 136,871 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of First Watch Restaurant Group by 7.9% in the 3rd quarter. Wellington Management Group LLP now owns 813,670 shares of the company’s stock valued at $12,693,000 after purchasing an additional 59,508 shares during the last quarter. 96.11% of the stock is owned by institutional investors and hedge funds.

About First Watch Restaurant Group

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.