Red Robin Gourmet Burgers (NASDAQ:RRGB) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

Shares of Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $5.78 and traded as high as $7.43. Red Robin Gourmet Burgers shares last traded at $7.05, with a volume of 461,316 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on RRGB shares. Benchmark raised their target price on Red Robin Gourmet Burgers from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Thursday, August 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Red Robin Gourmet Burgers in a report on Friday, July 17th. UBS Group set a $8.00 price objective on shares of Red Robin Gourmet Burgers in a research report on Wednesday, June 3rd. Finally, Wall Street Zen raised shares of Red Robin Gourmet Burgers from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Red Robin Gourmet Burgers currently has an average rating of “Hold” and an average price target of $8.33.

Red Robin Gourmet Burgers Stock Down 3.0%

The firm has a market capitalization of $133.25 million, a price-to-earnings ratio of -4.17 and a beta of 2.44. The company’s fifty day moving average is $8.24 and its two-hundred day moving average is $5.78.

Red Robin Gourmet Burgers (NASDAQ:RRGB) last posted 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 for the quarter, compared to analyst estimates of $268.56 million. On average, equities research analysts expect that Red Robin Gourmet Burgers, Inc. will post -0.63 EPS for the current year.

Institutional Investors Weigh In On Red Robin Gourmet Burgers

Large investors have recently bought and sold shares of the company. AdvisorShares Investments LLC raised its holdings in Red Robin Gourmet Burgers by 10.4% in the fourth quarter. AdvisorShares Investments LLC now owns 29,146 shares of the restaurant operator’s stock worth $118,000 after purchasing an additional 2,746 shares during the period. Hsbc Holdings PLC bought a new stake in shares of Red Robin Gourmet Burgers in the 2nd quarter valued at $96,000. Dimensional Fund Advisors LP increased its position in shares of Red Robin Gourmet Burgers by 66.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 35,015 shares of the restaurant operator’s stock valued at $102,000 after buying an additional 13,929 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Red Robin Gourmet Burgers in the 2nd quarter valued at $126,000. Finally, NewEdge Advisors LLC acquired a new stake in Red Robin Gourmet Burgers during the 2nd quarter worth $160,000. Institutional investors own 84.04% of the company’s stock.

Red Robin Gourmet Burgers Company Profile

Red Robin Gourmet Burgers, Inc is a casual-dining restaurant company that operates the Red Robin Gourmet Burgers brand. The company is known for made-to-order gourmet burgers, including beef, chicken, turkey and plant-based options, along with Bottomless Steak Fries, sandwiches, salads, appetizers, entrees, desserts, beverages and children’s meals.

Founded in 1969 in Seattle, Washington, Red Robin has developed into a full-service restaurant chain serving guests primarily in the United States, with operations supported by a combination of company-owned and franchised locations.