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

Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $4.46 and traded as high as $7.14. Red Robin Gourmet Burgers shares last traded at $7.13, with a volume of 104,829 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on RRGB. UBS Group set a $8.00 price target on Red Robin Gourmet Burgers in a research note on Wednesday, June 3rd. Benchmark reissued a “buy” rating on shares of Red Robin Gourmet Burgers in a report on Wednesday, June 3rd. Wall Street Zen downgraded Red Robin Gourmet Burgers from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Red Robin Gourmet Burgers in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $7.67.

Red Robin Gourmet Burgers Stock Up 0.8%

The firm has a 50 day moving average of $5.85 and a two-hundred day moving average of $4.46. The firm has a market capitalization of $131.91 million, a price-to-earnings ratio of -4.75 and a beta of 2.38.

Red Robin Gourmet Burgers (NASDAQ:RRGB) last issued its earnings results on Tuesday, May 19th. The restaurant operator reported $0.13 EPS for the quarter, missing the consensus estimate 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. Sell-side analysts forecast that Red Robin Gourmet Burgers, Inc. will post -0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Red Robin Gourmet Burgers

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its holdings in shares of Red Robin Gourmet Burgers by 1.5% during the second quarter. Bank of America Corp DE now owns 182,565 shares of the restaurant operator’s stock worth $1,057,000 after buying an additional 2,697 shares in the last quarter. AdvisorShares Investments LLC boosted its holdings in shares of Red Robin Gourmet Burgers by 10.4% during the 4th quarter. AdvisorShares Investments LLC now owns 29,146 shares of the restaurant operator’s stock valued at $118,000 after acquiring an additional 2,746 shares in the last quarter. BNP Paribas Financial Markets grew its position in Red Robin Gourmet Burgers by 503.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,379 shares of the restaurant operator’s stock worth $31,000 after acquiring an additional 4,487 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Red Robin Gourmet Burgers by 27.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 21,086 shares of the restaurant operator’s stock worth $86,000 after acquiring an additional 4,563 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Red Robin Gourmet Burgers by 3.6% in the 4th quarter. Renaissance Technologies LLC now owns 172,666 shares of the restaurant operator’s stock worth $699,000 after purchasing an additional 5,923 shares in the last quarter. Institutional investors own 84.04% of the company’s stock.

About Red Robin Gourmet Burgers

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.