Red Robin Gourmet Burgers Inc. (NASDAQ:RRGB) dropped 2.3% during mid-day trading on Friday . The company traded as low as $48.61 and last traded at $48.63, with a volume of 263,445 shares trading hands. The stock had previously closed at $49.75.

RRGB has been the topic of a number of research analyst reports. TheStreet downgraded shares of Red Robin Gourmet Burgers from a “buy” rating to a “hold” rating in a research note on Wednesday, July 6th. Maxim Group reduced their price target on shares of Red Robin Gourmet Burgers from $94.00 to $91.00 and set a “buy” rating on the stock in a research note on Tuesday, March 22nd. Morgan Stanley reissued a “hold” rating on shares of Red Robin Gourmet Burgers in a research note on Wednesday, May 18th. Jefferies Group reissued a “buy” rating and issued a $72.00 price target (down from $80.00) on shares of Red Robin Gourmet Burgers in a research note on Thursday, May 19th. Finally, KeyCorp reissued a “buy” rating and issued a $90.00 price target on shares of Red Robin Gourmet Burgers in a research note on Wednesday, March 30th. Four investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $85.89.

The company has a 50-day moving average of $51.34 and a 200-day moving average of $59.19. The stock has a market capitalization of $663.65 million and a P/E ratio of 15.09.

Red Robin Gourmet Burgers (NASDAQ:RRGB) last released its quarterly earnings results on Tuesday, May 17th. The company reported $1.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.16. The firm had revenue of $402.10 million for the quarter, compared to analyst estimates of $416.30 million. Red Robin Gourmet Burgers’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.10 earnings per share. On average, equities analysts forecast that Red Robin Gourmet Burgers Inc. will post $3.40 earnings per share for the current fiscal year.

In related news, COO Carin Stutz bought 960 shares of the firm’s stock in a transaction that occurred on Friday, May 27th. The shares were acquired at an average cost of $52.20 per share, with a total value of $50,112.00. Following the completion of the transaction, the chief operating officer now owns 2,218 shares of the company’s stock, valued at $115,779.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Stuart I. Oran sold 1,200 shares of the firm’s stock in a transaction that occurred on Wednesday, June 22nd. The stock was sold at an average price of $52.62, for a total transaction of $63,144.00. The disclosure for this sale can be found here.

Several large investors recently added to or reduced their stakes in RRGB. Rhumbline Advisers boosted its stake in Red Robin Gourmet Burgers by 8.3% in the fourth quarter. Rhumbline Advisers now owns 18,461 shares of the company’s stock valued at $1,140,000 after buying an additional 1,410 shares in the last quarter. Trexquant Investment LP boosted its stake in Red Robin Gourmet Burgers by 30.4% in the fourth quarter. Trexquant Investment LP now owns 19,818 shares of the company’s stock valued at $1,224,000 after buying an additional 4,618 shares in the last quarter. California State Teachers Retirement System boosted its stake in Red Robin Gourmet Burgers by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 26,196 shares of the company’s stock valued at $1,617,000 after buying an additional 400 shares in the last quarter. New York State Common Retirement Fund boosted its stake in Red Robin Gourmet Burgers by 5.1% in the fourth quarter. New York State Common Retirement Fund now owns 45,787 shares of the company’s stock valued at $2,827,000 after buying an additional 2,226 shares in the last quarter. Finally, UBS Oconnor LLC bought a new stake in Red Robin Gourmet Burgers during the fourth quarter valued at about $2,964,000.

Red Robin Gourmet Burgers, Inc, together with its subsidiaries, primarily develops, operates and franchises casual-dining restaurants and fast-casual restaurants in North America and focuses on serving a selection of gourmet burgers. The Company is primarily engaged in the sale of food and beverages at the Company-owned restaurants.

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