Red Robin Gourmet Burgers (NASDAQ:RRGB) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB)’s stock price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $3.87 and traded as high as $4.65. Red Robin Gourmet Burgers shares last traded at $4.50, with a volume of 310,022 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RRGB. Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Robin Gourmet Burgers in a research report on Tuesday, April 21st. Benchmark decreased their price objective on shares of Red Robin Gourmet Burgers from $12.00 to $8.00 and set a “buy” rating for the company in a research report on Monday, April 20th. Finally, Wall Street Zen downgraded shares of Red Robin Gourmet Burgers from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $7.50.

Red Robin Gourmet Burgers Trading Down 1.3%

The firm’s 50-day moving average is $3.59 and its two-hundred day moving average is $3.87. The stock has a market cap of $83.25 million, a price-to-earnings ratio of -3.00 and a beta of 2.36.

Red Robin Gourmet Burgers (NASDAQ:RRGB) last released its quarterly earnings results on Tuesday, May 19th. The restaurant operator reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.08). The company had revenue of $378.26 million for the quarter, compared to analysts’ expectations of $273.29 million. On average, analysts predict that Red Robin Gourmet Burgers, Inc. will post -0.43 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RRGB. BNP Paribas Financial Markets raised its position in shares of Red Robin Gourmet Burgers by 503.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,379 shares of the restaurant operator’s stock worth $31,000 after purchasing an additional 4,487 shares during the last quarter. Jain Global LLC purchased a new stake in Red Robin Gourmet Burgers during the 4th quarter valued at about $47,000. Osaic Holdings Inc. grew its stake in Red Robin Gourmet Burgers by 152.6% during the 2nd quarter. Osaic Holdings Inc. now owns 10,055 shares of the restaurant operator’s stock valued at $58,000 after acquiring an additional 6,075 shares in the last quarter. MB Generational Wealth LLC purchased a new stake in Red Robin Gourmet Burgers during the 1st quarter valued at about $59,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Red Robin Gourmet Burgers during the 1st quarter valued at about $61,000. Institutional investors and hedge funds own 84.04% of the company’s stock.

Red Robin Gourmet Burgers Company Profile

Red Robin Gourmet Burgers, Inc, trading on NASDAQ under the ticker RRGB, is a leading casual dining restaurant company headquartered in Greenwood Village, Colorado. The company specializes in offering a diverse menu centered on gourmet burgers, bottomless steak fries, salads, sandwiches and a selection of alcoholic beverages. Red Robin operates restaurants under its flagship Red Robin® brand, serving guests through both dine-in and off-premises channels, including delivery and carry-out. The company also leverages technology and loyalty programs to enhance the guest experience and drive repeat visits.

Founded in 1969 in Seattle, Washington, Red Robin began as a small tavern before evolving into a family-friendly restaurant concept focused on premium burgers.