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

Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) gapped down prior to trading 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 changing hands.

Analysts Set New Price Targets

Several analysts have commented on FWRG shares. Raymond James upped their price objective on First Watch Restaurant Group from $22.00 to $25.00 and gave the company a “strong-buy” rating in a research note on Friday, November 8th. Stephens increased their price target on First Watch Restaurant Group from $20.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Piper Sandler boosted 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 research note on Monday. TD Cowen raised their target price on shares of First Watch Restaurant Group from $18.00 to $21.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. Finally, Benchmark restated a “buy” rating and issued a $23.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Two investment 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.30.

First Watch Restaurant Group Trading Down 0.7 %

The company has a market cap of $1.18 billion, a price-to-earnings ratio of 58.82, a PEG ratio of 5.74 and a beta of 0.85. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51. The business’s 50-day simple moving average is $16.16 and its 200-day simple moving average is $17.30.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly 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). The company had revenue of $251.61 million during the quarter, compared to analyst estimates of $256.17 million. First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The business’s revenue was up 14.8% compared to the same quarter last year. During the same period last year, the firm earned $0.09 earnings per share. Research analysts predict that First Watch Restaurant Group, Inc. will post 0.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Rocky Mountain Advisers LLC lifted its position in First Watch Restaurant Group by 180.1% during the third quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company’s stock worth $103,000 after buying an additional 4,250 shares during the period. Quent Capital LLC acquired a new stake in shares of First Watch Restaurant Group in the first quarter worth approximately $172,000. SG Americas Securities LLC acquired a new stake in shares of First Watch Restaurant Group in the third quarter worth approximately $119,000. Janus Henderson Group PLC purchased a new stake in First Watch Restaurant Group in the first quarter valued at approximately $226,000. Finally, Versor Investments LP acquired a new position in First Watch Restaurant Group during the third quarter worth approximately $201,000. 96.11% of the stock is currently 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.