Red Robin Gourmet Burgers (NASDAQ:RRGB) Stock Price Crosses Above Two Hundred Day Moving Average Following Analyst Downgrade

Shares of Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) crossed above its two hundred day moving average during trading on Tuesday after Benchmark raised their price target on the stock from $8.00 to $10.00. The stock has a two hundred day moving average of $6.11 and traded as high as $8.48. Benchmark currently has a buy rating on the stock. Red Robin Gourmet Burgers shares last traded at $8.36, with a volume of 143,521 shares.

RRGB has been the topic of a number of other research reports. UBS Group set a $8.00 target price 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 report on Saturday, August 1st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Red Robin Gourmet Burgers in a research report on Friday, July 17th. Two investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat, Red Robin Gourmet Burgers has an average rating of “Hold” and an average price target of $8.33.

Hedge Funds Weigh In On Red Robin Gourmet Burgers

A number of hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP purchased a new stake in shares of Red Robin Gourmet Burgers during the second quarter valued at approximately $2,778,000. BlackRock Inc. purchased a new position in shares of Red Robin Gourmet Burgers in the second quarter valued at $2,382,000. Western Standard LLC purchased a new position in shares of Red Robin Gourmet Burgers in the second quarter valued at $706,000. NewEdge Advisors LLC acquired a new stake in Red Robin Gourmet Burgers during the 2nd quarter valued at $160,000. Finally, Hsbc Holdings PLC acquired a new stake in Red Robin Gourmet Burgers during the 2nd quarter valued at $96,000. Institutional investors and hedge funds own 84.04% of the company’s stock.

Red Robin Gourmet Burgers Trading Up 2.7%

The stock has a market cap of $159.52 million, a PE ratio of -4.99 and a beta of 2.49. The company’s 50 day moving average is $8.37 and its 200-day moving average is $6.15.

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 analyst estimates of $268.56 million. As a group, analysts forecast that Red Robin Gourmet Burgers, Inc. will post -0.63 EPS for the current year.

About Red Robin Gourmet Burgers

Red Robin Gourmet Burgers, Inc (NASDAQ: RRGB) is a casual dining restaurant company known for its gourmet burgers and family-friendly dining experience. Its menu includes a variety of burgers, chicken sandwiches, salads, appetizers, entrées, desserts, milkshakes and beverages, along with its signature bottomless steak fries.

The company operates restaurants under the Red Robin name through a combination of company-owned and franchised locations. Its restaurants primarily serve customers in the United States, with a presence in Canada through franchised operations.