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Why First Watch Restaurant Group Tumbled This Week

Why First Watch Restaurant Group Tumbled This Week

The announcement of a secondary stock issue gave First Watch Restaurant Group (NASDAQ: FWRG) a bit of indigestion this week. As a result, across the five trading days the company's share price dived a queasy 18%, according to data compiled by S&P Global Market Intelligence. On Monday afternoon, First Watch, owner of the eponymous chain of early-in-the-day restaurants, announced a selling shareholder would be selling its stock in a public offering.