Red Robin Gourmet Burgers (NASDAQ:RRGB) Stock Price Crosses Above 200 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 Tuesday . The stock has a 200-day moving average of $4.22 and traded as high as $7.09. Red Robin Gourmet Burgers shares last traded at $6.60, with a volume of 244,837 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Benchmark reiterated a “buy” rating on shares of Red Robin Gourmet Burgers in a research note on Wednesday, June 3rd. Wall Street Zen downgraded Red Robin Gourmet Burgers from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. UBS Group set a $8.00 price target on Red Robin Gourmet Burgers in a report on Wednesday, June 3rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Robin Gourmet Burgers in a research note on Tuesday, April 21st. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $7.67.

Red Robin Gourmet Burgers Stock Up 3.5%

The business’s 50-day moving average price is $5.17 and its 200 day moving average price is $4.26. The company has a market capitalization of $125.80 million, a P/E ratio of -4.53 and a beta of 2.38.

Red Robin Gourmet Burgers (NASDAQ:RRGB) last posted its 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 company had revenue of $378.26 million for the quarter, compared to analyst estimates of $273.29 million. Analysts anticipate that Red Robin Gourmet Burgers, Inc. will post -0.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Red Robin Gourmet Burgers

A number of institutional investors and hedge funds have recently made changes to their positions in RRGB. BNP Paribas Financial Markets grew its stake in Red Robin Gourmet Burgers by 503.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,379 shares of the restaurant operator’s stock worth $31,000 after buying an additional 4,487 shares in the last quarter. Osaic Holdings Inc. increased its stake in Red Robin Gourmet Burgers by 152.6% in the second quarter. Osaic Holdings Inc. now owns 10,055 shares of the restaurant operator’s stock valued at $58,000 after acquiring an additional 6,075 shares during the last quarter. Sherbrooke Park Advisers LLC purchased a new stake in Red Robin Gourmet Burgers during the third quarter valued at about $70,000. Jain Global LLC purchased a new stake in Red Robin Gourmet Burgers during the fourth quarter valued at about $47,000. Finally, Occudo Quantitative Strategies LP bought a new stake in Red Robin Gourmet Burgers during the second quarter worth about $76,000. Hedge funds and other 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.