First Watch Restaurant Group (NASDAQ:FWRG) Stock Price Down 8.5% on Disappointing Earnings

First Watch Restaurant Group, Inc. (NASDAQ:FWRG)’s stock price fell 8.5% during mid-day trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $17.17 and last traded at $16.57. 98,621 shares changed hands during trading, a decline of 84% from the average session volume of 635,247 shares. The stock had previously closed at $18.10.

The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.01). First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The firm had revenue of $263.30 million during the quarter, compared to analysts’ expectations of $262.82 million. During the same period in the prior year, the company earned $0.04 EPS. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FWRG. Stephens reiterated an “overweight” rating and issued a $25.00 price objective on shares of First Watch Restaurant Group in a report on Tuesday. Benchmark reaffirmed a “buy” rating on shares of First Watch Restaurant Group in a research note on Wednesday. Sanford C. Bernstein set a $21.00 price objective on First Watch Restaurant Group in a research note on Tuesday. Barclays reaffirmed an “overweight” rating and issued a $21.00 target price (down from $24.00) on shares of First Watch Restaurant Group in a research note on Tuesday. Finally, Bank of America increased their price target on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, First Watch Restaurant Group presently has an average rating of “Moderate Buy” and a consensus target price of $22.36.

Hedge Funds Weigh In On First Watch Restaurant Group

Several hedge funds and other institutional investors have recently bought and sold shares of FWRG. Barclays PLC lifted its position in First Watch Restaurant Group by 505.3% during the third quarter. Barclays PLC now owns 172,515 shares of the company’s stock valued at $2,690,000 after purchasing an additional 144,014 shares during the period. Allspring Global Investments Holdings LLC raised its stake in First Watch Restaurant Group by 9.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 576,890 shares of the company’s stock valued at $10,736,000 after buying an additional 49,826 shares during the last quarter. Mutual of America Capital Management LLC purchased a new stake in First Watch Restaurant Group during the 3rd quarter valued at $5,757,000. Geode Capital Management LLC lifted its holdings in shares of First Watch Restaurant Group by 13.5% during the 3rd quarter. Geode Capital Management LLC now owns 769,608 shares of the company’s stock valued at $12,008,000 after buying an additional 91,416 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of First Watch Restaurant Group by 22.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,986,425 shares of the company’s stock worth $30,988,000 after buying an additional 366,227 shares during the last quarter. Institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Stock Up 1.2 %

The company has a market cap of $1.03 billion, a P/E ratio of 51.64, a price-to-earnings-growth ratio of 3.38 and a beta of 0.90. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. The company has a fifty day moving average of $19.89 and a 200 day moving average of $18.13.

First Watch Restaurant Group Company Profile

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.