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

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) gapped down before the market opened on Tuesday . The stock had previously closed at $21.42, but opened at $19.75. First Watch Restaurant Group shares last traded at $19.60, with a volume of 1,189,989 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. TD Cowen raised their price objective on shares of First Watch Restaurant Group from $18.00 to $21.00 and gave the stock a “hold” rating in a report on Friday. Bank of America reduced their price target on shares of First Watch Restaurant Group from $29.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Guggenheim lowered their price objective on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, October 4th. Stephens upped their target price 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. Finally, Piper Sandler raised their price target 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. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.30.

First Watch Restaurant Group Stock Performance

The company has a debt-to-equity ratio of 0.33, a current ratio of 0.57 and a quick ratio of 0.52. The company has a market cap of $1.19 billion, a price-to-earnings ratio of 59.39, a price-to-earnings-growth ratio of 5.88 and a beta of 0.85. The stock has a 50-day moving average price of $16.01 and a 200 day moving average price of $17.32.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.02). The company had revenue of $251.61 million during the quarter, compared to the consensus estimate of $256.17 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.64%. The company’s revenue was up 14.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.09 earnings per share. As a group, analysts anticipate that First Watch Restaurant Group, Inc. will post 0.31 EPS for the current fiscal year.

Institutional Investors Weigh In On First Watch Restaurant Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in FWRG. Diversified Trust Co increased its position in shares of First Watch Restaurant Group by 9.8% in the third quarter. Diversified Trust Co now owns 15,750 shares of the company’s stock valued at $246,000 after acquiring an additional 1,400 shares during the last quarter. Sei Investments Co. boosted its holdings in shares of First Watch Restaurant Group by 6.5% in the 1st quarter. Sei Investments Co. now owns 29,162 shares of the company’s stock valued at $718,000 after buying an additional 1,783 shares during the last quarter. iA Global Asset Management Inc. grew its stake in shares of First Watch Restaurant Group by 10.9% in the second quarter. iA Global Asset Management Inc. now owns 19,898 shares of the company’s stock valued at $349,000 after buying an additional 1,948 shares in the last quarter. Quent Capital LLC raised its position in First Watch Restaurant Group by 28.6% during the second quarter. Quent Capital LLC now owns 9,000 shares of the company’s stock worth $158,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Bayesian Capital Management LP lifted its stake in First Watch Restaurant Group by 17.6% in the first quarter. Bayesian Capital Management LP now owns 19,369 shares of the company’s stock valued at $477,000 after acquiring an additional 2,900 shares during the last quarter. 96.11% of the stock is owned by institutional investors.

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.