Red Robin Gourmet Burgers (NASDAQ:RRGB) Share Price Passes Above 200 Day Moving Average – Here’s What Happened

Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $4.46 and traded as high as $7.14. Red Robin Gourmet Burgers shares last traded at $7.13, with a volume of 104,829 shares.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RRGB. Benchmark reiterated a “buy” rating on shares of Red Robin Gourmet Burgers in a report on Wednesday, June 3rd. UBS Group set a $8.00 target price on shares of Red Robin Gourmet Burgers in a report on Wednesday, June 3rd. Wall Street Zen cut shares of Red Robin Gourmet Burgers from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Red Robin Gourmet Burgers in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $7.67.

Red Robin Gourmet Burgers Stock Up 0.8%

The firm has a market capitalization of $131.91 million, a P/E ratio of -4.75 and a beta of 2.38. The company’s 50 day moving average is $5.85 and its 200-day moving average is $4.46.

Red Robin Gourmet Burgers (NASDAQ:RRGB) last posted 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 business 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 -0.5 EPS for the current fiscal year.

Institutional Trading of Red Robin Gourmet Burgers

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RRGB. BNP Paribas Financial Markets grew its stake in Red Robin Gourmet Burgers by 503.0% in the second quarter. BNP Paribas Financial Markets now owns 5,379 shares of the restaurant operator’s stock valued at $31,000 after acquiring an additional 4,487 shares during the period. Jain Global LLC acquired a new position in shares of Red Robin Gourmet Burgers during the fourth quarter worth approximately $47,000. Osaic Holdings Inc. raised its position in shares of Red Robin Gourmet Burgers by 152.6% during the second quarter. Osaic Holdings Inc. now owns 10,055 shares of the restaurant operator’s stock worth $58,000 after purchasing an additional 6,075 shares during the period. MB Generational Wealth LLC bought a new position in shares of Red Robin Gourmet Burgers in the 1st quarter worth $59,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Red Robin Gourmet Burgers in the 1st quarter worth $61,000. 84.04% of the stock is owned by institutional investors.

About Red Robin Gourmet Burgers

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.