Red Robin Gourmet Burgers (NASDAQ:RRGB) Stock Breaks Above Fifty Day Moving Average – Time to Sell?

Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $8.36 and traded as high as $8.99. Red Robin Gourmet Burgers shares last traded at $8.99, with a volume of 158,104 shares traded.

Wall Street Analyst Weigh In

RRGB has been the topic of several analyst reports. Wall Street Zen raised Red Robin Gourmet Burgers from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Benchmark lifted their target price on Red Robin Gourmet Burgers from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Thursday, August 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Red Robin Gourmet Burgers in a research note on Thursday, October 15th. Finally, Zacks Research cut Red Robin Gourmet Burgers from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 6th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Red Robin Gourmet Burgers currently has a consensus rating of “Hold” and an average price target of $8.33.

Red Robin Gourmet Burgers Stock Up 9.8%

The stock has a market capitalization of $169.95 million, a PE ratio of -5.32 and a beta of 2.49. The firm’s fifty day moving average price is $8.36 and its two-hundred day moving average price is $5.79.

Red Robin Gourmet Burgers (NASDAQ:RRGB) last issued its earnings results on Wednesday, August 12th. The restaurant operator reported $0.12 earnings per share (EPS) for the quarter. The company had revenue of $277.64 million during the quarter, compared to analysts’ expectations of $268.56 million. As a group, analysts predict that Red Robin Gourmet Burgers, Inc. will post -0.63 EPS for the current year.

Hedge Funds Weigh In On Red Robin Gourmet Burgers

Hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP purchased a new stake in Red Robin Gourmet Burgers in the second quarter worth about $2,778,000. BlackRock Inc. bought a new position in shares of Red Robin Gourmet Burgers in the second quarter worth about $2,382,000. Western Standard LLC purchased a new position in shares of Red Robin Gourmet Burgers during the 2nd quarter valued at about $706,000. PDT Partners LLC purchased a new position in shares of Red Robin Gourmet Burgers during the 2nd quarter valued at about $327,000. Finally, Lotus Technology Management LP purchased a new position in shares of Red Robin Gourmet Burgers during the 2nd quarter valued at about $305,000. 84.04% of the stock is owned by institutional investors.

About Red Robin Gourmet Burgers

Red Robin Gourmet Burgers, Inc (NASDAQ: RRGB) operates and franchises full-service casual dining restaurants under the Red Robin Gourmet Burgers and Brews brand. The company is known for its gourmet burgers, including customizable burger offerings, and provides a family-oriented dining experience.

Red Robin restaurants serve a broad menu that includes burgers, chicken sandwiches, wraps, salads, appetizers, entrees, desserts, milkshakes and other beverages. Many locations also offer takeout, delivery and catering services, allowing the company to serve customers both in its restaurants and through off-premise channels.

Red Robin traces its history to 1969, when its first restaurant opened in Seattle, Washington.