Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) Shares Up 9% Following Strong Earnings
Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB)’s share price shot up 9% during mid-day trading on Wednesday following a stronger than expected earnings report. The company traded as high as $63.00 and last traded at $58.60, with a volume of 1,736,181 shares traded. The stock had previously closed at $53.75.
The restaurant operator reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.10. The firm had revenue of $315.80 million during the quarter, compared to analysts’ expectations of $315.69 million. Red Robin Gourmet Burgers had a return on equity of 8.73% and a net margin of 0.69%. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.75 EPS.
A number of research firms recently commented on RRGB. Raymond James Financial, Inc. set a $75.00 price objective on Red Robin Gourmet Burgers and gave the stock a “buy” rating in a research report on Wednesday. Maxim Group reiterated a “buy” rating and set a $75.00 price objective on shares of Red Robin Gourmet Burgers in a research report on Wednesday. Canaccord Genuity reiterated a “buy” rating and set a $80.00 price objective (down previously from $90.00) on shares of Red Robin Gourmet Burgers in a research report on Wednesday. BidaskClub cut Red Robin Gourmet Burgers from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Finally, Zacks Investment Research cut Red Robin Gourmet Burgers from a “buy” rating to a “sell” rating in a research report on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $72.80.
In other Red Robin Gourmet Burgers news, Director Robert Blaine Aiken, Jr. sold 2,946 shares of Red Robin Gourmet Burgers stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $71.80, for a total value of $211,522.80. Following the completion of the sale, the director now owns 6,547 shares in the company, valued at approximately $470,074.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Glenn B. Kaufman sold 4,000 shares of Red Robin Gourmet Burgers stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $72.25, for a total value of $289,000.00. The disclosure for this sale can be found here. 2.66% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Russell Investments Group Ltd. acquired a new stake in Red Robin Gourmet Burgers during the fourth quarter valued at approximately $519,000. Norges Bank purchased a new position in Red Robin Gourmet Burgers during the fourth quarter valued at $840,000. Thomson Horstmann & Bryant Inc. raised its position in Red Robin Gourmet Burgers by 61.9% in the first quarter. Thomson Horstmann & Bryant Inc. now owns 307,575 shares of the restaurant operator’s stock valued at $17,977,000 after buying an additional 117,652 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in Red Robin Gourmet Burgers during the first quarter valued at $499,000. Finally, Kalmar Investments Inc. DE purchased a new position in Red Robin Gourmet Burgers during the first quarter valued at $3,305,000.
The stock has a market cap of $754.12 million, a price-to-earnings ratio of 85.92 and a beta of 0.62. The firm’s 50-day moving average is $63.50 and its 200-day moving average is $58.21.
Red Robin Gourmet Burgers Company Profile
Red Robin Gourmet Burgers, Inc, together with its subsidiaries, primarily develops, operates, and franchises full-service restaurants in North America and focuses on serving selection of gourmet burgers. The Company’s menu features a line of gourmet burgers, which it makes from ground beef, as well as its line of Red’s Tavern Double Burgers and its Red Robin’s line of half-pound Angus beef burgers with various toppings.
Receive News & Ratings for Red Robin Gourmet Burgers Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Red Robin Gourmet Burgers Inc. and related companies with MarketBeat.com's FREE daily email newsletter.