Red Robin Gourmet Burgers (NASDAQ:RRGB) Shares Cross Above 200-Day Moving Average – Here’s Why

Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB)’s stock price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $3.88 and traded as high as $4.79. Red Robin Gourmet Burgers shares last traded at $4.41, with a volume of 247,752 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RRGB. Benchmark restated a “buy” rating on shares of Red Robin Gourmet Burgers in a report on Wednesday. UBS Group set a $8.00 price objective on shares of Red Robin Gourmet Burgers in a research note on Wednesday. Wall Street Zen downgraded shares of Red Robin Gourmet Burgers from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Red Robin Gourmet Burgers in a research report on Tuesday, April 21st. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $7.67.

Red Robin Gourmet Burgers Stock Performance

The stock has a market cap of $80.85 million, a PE ratio of -2.91 and a beta of 2.48. The stock has a fifty day simple moving average of $3.83 and a two-hundred day simple moving average of $3.89.

Red Robin Gourmet Burgers (NASDAQ:RRGB) last released its quarterly earnings results on Tuesday, May 19th. The restaurant operator reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.08). The business had revenue of $378.26 million during the quarter, compared to analysts’ expectations of $273.29 million. On average, equities analysts predict that Red Robin Gourmet Burgers, Inc. will post -0.43 EPS for the current fiscal year.

Hedge Funds Weigh In On Red Robin Gourmet Burgers

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP boosted its holdings in 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 worth $102,000 after acquiring an additional 13,929 shares during the period. MB Generational Wealth LLC purchased a new position in Red Robin Gourmet Burgers in the 1st quarter worth approximately $59,000. JCP Investment Management LLC boosted its holdings in Red Robin Gourmet Burgers by 0.6% in the 4th quarter. JCP Investment Management LLC now owns 1,871,235 shares of the restaurant operator’s stock worth $7,579,000 after acquiring an additional 10,567 shares during the period. Jain Global LLC purchased a new position in shares of Red Robin Gourmet Burgers during the 4th quarter valued at approximately $47,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Red Robin Gourmet Burgers during the 4th quarter valued at approximately $71,000. Hedge funds and other institutional investors own 84.04% of the company’s stock.

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.