First Watch Restaurant Group (NASDAQ:FWRG) Reaches New 1-Year Low on Analyst Downgrade

First Watch Restaurant Group, Inc. (NASDAQ:FWRGGet Free Report)’s share price hit 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.

A number of other analysts have also issued reports on FWRG. Barclays reduced their price target on shares of First Watch Restaurant Group from $29.00 to $27.00 and set an “overweight” rating for the company in a research report on Wednesday, May 8th. TD Cowen cut their target price on shares of First Watch Restaurant Group from $25.00 to $21.00 and set a “hold” rating for the company in a research report on Thursday, June 13th. Finally, Citigroup boosted their price target on shares of First Watch Restaurant Group from $24.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $24.17.

Read Our Latest Analysis on First Watch Restaurant Group

Insiders Place Their Bets

In other news, Director William A. Kussell sold 8,386 shares of the firm’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $22.10, for a total transaction of $185,330.60. Following the transaction, the director now owns 12,409 shares in the company, valued at approximately $274,238.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On First Watch Restaurant Group

Several hedge funds have recently bought and sold shares of FWRG. Vanguard Group Inc. boosted its stake in shares of First Watch Restaurant Group by 18.8% during the 1st quarter. Vanguard Group Inc. now owns 1,611,452 shares of the company’s stock worth $39,674,000 after acquiring an additional 255,307 shares in the last quarter. Brown Advisory Inc. boosted its position in First Watch Restaurant Group by 0.4% during the fourth quarter. Brown Advisory Inc. now owns 1,478,407 shares of the company’s stock worth $29,716,000 after purchasing an additional 6,494 shares during the period. The Manufacturers Life Insurance Company grew its holdings in First Watch Restaurant Group by 14.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,408,454 shares of the company’s stock valued at $28,310,000 after purchasing an additional 175,074 shares during the last quarter. Gilder Gagnon Howe & Co. LLC raised its position in shares of First Watch Restaurant Group by 9.6% in the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 1,074,612 shares of the company’s stock valued at $21,600,000 after purchasing an additional 93,931 shares during the period. Finally, Foxhaven Asset Management LP lifted its stake in shares of First Watch Restaurant Group by 44.3% in the fourth quarter. Foxhaven Asset Management LP now owns 1,046,362 shares of the company’s stock worth $21,032,000 after buying an additional 321,375 shares during the last quarter. 96.11% of the stock is owned by institutional investors and hedge funds.

First Watch Restaurant Group Trading Down 4.2 %

The company’s fifty day moving average is $19.96 and its 200-day moving average is $21.54. 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 firm has a market capitalization of $979.81 million, a P/E ratio of 42.71, a P/E/G ratio of 2.25 and a beta of 0.88.

First Watch Restaurant Group (NASDAQ:FWRGGet Free Report) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.12 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $245.03 million. During the same period last year, the business posted $0.15 earnings per share. The firm’s revenue was up 14.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that First Watch Restaurant Group, Inc. will post 0.39 earnings per share for the current fiscal year.

About First Watch Restaurant Group

(Get Free Report)

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.

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