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

Shares of Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $5.31 and traded as high as $10.36. Red Robin Gourmet Burgers shares last traded at $9.42, with a volume of 297,523 shares traded.

Analyst Ratings Changes

RRGB has been the subject of a number of research reports. UBS Group set a $8.00 price target on Red Robin Gourmet Burgers in a report on Wednesday, June 3rd. Wall Street Zen raised Red Robin Gourmet Burgers from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Robin Gourmet Burgers in a report on Friday, July 17th. Finally, Benchmark increased their price target on Red Robin Gourmet Burgers from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Thursday, August 13th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Red Robin Gourmet Burgers has a consensus rating of “Hold” and a consensus price target of $8.33.

Red Robin Gourmet Burgers Stock Performance

The company has a 50 day moving average of $7.93 and a two-hundred day moving average of $5.34. The stock has a market capitalization of $175.96 million, a PE ratio of -5.51 and a beta of 2.40.

Red Robin Gourmet Burgers (NASDAQ:RRGB) last released its quarterly earnings results on Wednesday, August 12th. The restaurant operator reported $0.12 EPS for the quarter. The business had revenue of $277.64 million during the quarter, compared to analysts’ expectations of $268.56 million. As a group, research analysts predict that Red Robin Gourmet Burgers, Inc. will post -0.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Red Robin Gourmet Burgers

Several hedge funds have recently added to or reduced their stakes in RRGB. BNP Paribas Financial Markets raised its position in Red Robin Gourmet Burgers by 503.0% during 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 in the last quarter. Jain Global LLC purchased a new stake in Red Robin Gourmet Burgers during the fourth quarter worth $47,000. Osaic Holdings Inc. grew its position in 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 valued at $58,000 after buying an additional 6,075 shares during the period. MB Generational Wealth LLC purchased a new position in Red Robin Gourmet Burgers in the first quarter valued at $59,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Red Robin Gourmet Burgers in the first quarter valued at $61,000. 84.04% of the stock is owned by hedge funds and other institutional investors.

Red Robin Gourmet Burgers Company Profile

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.