First Watch Restaurant Group (NASDAQ:FWRG) Sets New 1-Year Low – What’s Next?

First Watch Restaurant Group, Inc. (NASDAQ:FWRG) reached a new 52-week low during trading on Thursday. The stock traded as low as $9.88 and last traded at $10.20, with a volume of 1534052 shares trading hands. The stock had previously closed at $10.32.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FWRG. Weiss Ratings downgraded First Watch Restaurant Group from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, September 14th. Citigroup decreased their price target on First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. TD Cowen reiterated a “buy” rating and issued a $17.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, June 3rd. Guggenheim dropped their price objective on First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating for the company in a report on Friday, August 7th. Finally, Freedom Capital upgraded shares of First Watch Restaurant Group to a “strong-buy” rating in a research report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, First Watch Restaurant Group presently has an average rating of “Moderate Buy” and a consensus price target of $18.56.

First Watch Restaurant Group Trading Down 0.8%

The business has a 50 day moving average of $12.00 and a 200 day moving average of $11.88. The firm has a market capitalization of $625.74 million, a price-to-earnings ratio of 34.97, a PEG ratio of 17.03 and a beta of 1.03. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.27 and a quick ratio of 0.22.

First Watch Restaurant Group (NASDAQ:FWRG) last released its earnings results on Tuesday, August 4th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). First Watch Restaurant Group had a net margin of 1.35% and a return on equity of 2.85%. The company had revenue of $354.67 million during the quarter, compared to analyst estimates of $351.57 million. During the same period in the previous year, the company posted $0.03 EPS. The company’s quarterly revenue was up 15.2% compared to the same quarter last year. As a group, research analysts predict that First Watch Restaurant Group, Inc. will post 0.15 earnings per share for the current fiscal year.

Institutional Trading of First Watch Restaurant Group

A number of hedge funds have recently modified their holdings of FWRG. Engineers Gate Manager LP boosted its stake in First Watch Restaurant Group by 16.1% during the 2nd 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 during the last quarter. Integrated Wealth Concepts LLC bought a new stake in First Watch Restaurant Group in the second quarter valued at approximately $70,000. Allworth Financial LP raised its holdings in First Watch Restaurant Group by 325.4% in the second 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 raised its holdings in First Watch Restaurant Group by 9.0% in the second 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 boosted its position in shares of First Watch Restaurant Group by 105.3% during the second 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.