Red Robin Gourmet Burgers (NASDAQ:RRGB) Stock Crosses Above 200 Day Moving Average – What’s Next?

Shares of Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $3.88 and traded as high as $4.79. Red Robin Gourmet Burgers shares last traded at $4.41, with a volume of 247,752 shares changing hands.

Analyst Upgrades and Downgrades

RRGB has been the topic of a number of recent research reports. Wall Street Zen cut shares of Red Robin Gourmet Burgers from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. UBS Group set a $8.00 price target on shares of Red Robin Gourmet Burgers in a research report on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Red Robin Gourmet Burgers in a research report on Tuesday, April 21st. Finally, Benchmark reissued a “buy” rating on shares of Red Robin Gourmet Burgers in a research report on Wednesday. Two investment 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. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $7.67.

Red Robin Gourmet Burgers Price Performance

The business’s 50-day moving average price is $3.78 and its two-hundred day moving average price is $3.88. The company has a market capitalization of $81.59 million, a P/E ratio of -2.94 and a beta of 2.48.

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

Hedge Funds Weigh In On Red Robin Gourmet Burgers

Hedge funds and other institutional investors have recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Red Robin Gourmet Burgers during the first quarter worth $61,000. Goldman Sachs Group Inc. raised its holdings in shares of Red Robin Gourmet Burgers by 38.8% during the first quarter. Goldman Sachs Group Inc. now owns 84,625 shares of the restaurant operator’s stock worth $301,000 after acquiring an additional 23,638 shares during the period. Jane Street Group LLC acquired a new stake in shares of Red Robin Gourmet Burgers during the first quarter worth $69,000. JPMorgan Chase & Co. raised its holdings in shares of Red Robin Gourmet Burgers by 5,671.8% during the second quarter. JPMorgan Chase & Co. now owns 133,041 shares of the restaurant operator’s stock worth $770,000 after acquiring an additional 130,736 shares during the period. Finally, XTX Topco Ltd raised its holdings in shares of Red Robin Gourmet Burgers by 128.7% during the second quarter. XTX Topco Ltd now owns 31,415 shares of the restaurant operator’s stock worth $182,000 after acquiring an additional 17,679 shares during the period. 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.