Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

According to Zacks, “Red Robin’s shares outpaced the industry year to date. Menu innovation, focus on increasing service speed, effective marketing and remodeling program to reinvigorate brands have got the growth story back on track, after a disappointing 2016. Though the current challenging retail environment continued affecting business in first-half 2017, initiatives undertaken to improve sales and regain market share as the year progresses bode well. Moreover, Red Robin has a mostly positive record of earnings surprises in recent quarters. Still, cost-related issues along with company’s limited international presence and domestic contraction raise concerns. A slowdown in company’s 2017 unit growth plan given the choppy sales environment could further weigh on sales. Estimates too have been going down ahead of its third quarter earnings release.”

Several other equities research analysts have also issued reports on RRGB. BidaskClub lowered Red Robin Gourmet Burgers from a “hold” rating to a “sell” rating in a research report on Sunday, July 16th. Raymond James Financial, Inc. reaffirmed a “strong-buy” rating and set a $85.00 target price on shares of Red Robin Gourmet Burgers in a research report on Tuesday, July 25th. Maxim Group reaffirmed a “buy” rating and set a $75.00 target price (down from $80.00) on shares of Red Robin Gourmet Burgers in a research report on Tuesday, August 1st. BTIG Research raised Red Robin Gourmet Burgers from a “neutral” rating to a “buy” rating and set a $64.00 price objective for the company in a report on Wednesday, August 9th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $80.00 price objective (down previously from $90.00) on shares of Red Robin Gourmet Burgers in a report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $71.73.

Red Robin Gourmet Burgers (RRGB) traded down 1.45% during trading on Wednesday, hitting $64.70. 81,569 shares of the company’s stock traded hands. The company has a market cap of $836.44 million, a PE ratio of 35.36 and a beta of 0.65. Red Robin Gourmet Burgers has a 52-week low of $40.85 and a 52-week high of $74.11. The company’s 50 day moving average price is $61.38 and its 200 day moving average price is $62.12.

Red Robin Gourmet Burgers (NASDAQ:RRGB) last announced its earnings results on Tuesday, August 8th. The restaurant operator reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.10. Red Robin Gourmet Burgers had a return on equity of 8.00% and a net margin of 0.64%. The firm had revenue of $315.80 million during the quarter, compared to analyst estimates of $315.69 million. During the same period last year, the firm posted $0.75 EPS. The business’s revenue was up 3.4% compared to the same quarter last year. Analysts expect that Red Robin Gourmet Burgers will post $2.78 earnings per share for the current year.

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In related news, CFO Guy J. Constant bought 2,500 shares of the business’s stock in a transaction on Monday, August 14th. The stock was acquired at an average price of $58.88 per share, for a total transaction of $147,200.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.66% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of RRGB. Russell Investments Group Ltd. boosted its position in shares of Red Robin Gourmet Burgers by 206.1% during the 1st quarter. Russell Investments Group Ltd. now owns 28,075 shares of the restaurant operator’s stock valued at $1,641,000 after acquiring an additional 18,904 shares during the last quarter. Great West Life Assurance Co. Can boosted its position in shares of Red Robin Gourmet Burgers by 4.6% during the 1st quarter. Great West Life Assurance Co. Can now owns 17,280 shares of the restaurant operator’s stock valued at $1,009,000 after acquiring an additional 763 shares during the last quarter. First Trust Advisors LP bought a new stake in shares of Red Robin Gourmet Burgers during the 1st quarter valued at about $589,000. Bank of New York Mellon Corp boosted its position in shares of Red Robin Gourmet Burgers by 6.0% during the 1st quarter. Bank of New York Mellon Corp now owns 188,655 shares of the restaurant operator’s stock valued at $11,026,000 after acquiring an additional 10,742 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its position in shares of Red Robin Gourmet Burgers by 1.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 4,218 shares of the restaurant operator’s stock valued at $247,000 after acquiring an additional 51 shares during the last quarter.

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.

Analyst Recommendations for Red Robin Gourmet Burgers (NASDAQ:RRGB)

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