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

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 $3.87 and traded as high as $4.65. Red Robin Gourmet Burgers shares last traded at $4.50, with a volume of 310,022 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Benchmark dropped their price objective on shares of Red Robin Gourmet Burgers from $12.00 to $8.00 and set a “buy” rating for the company in a research note on Monday, April 20th. Wall Street Zen cut 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 reaffirmed a “sell (d-)” rating on shares of Red Robin Gourmet Burgers in a research note on Tuesday, April 21st. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Red Robin Gourmet Burgers presently has a consensus rating of “Hold” and a consensus price target of $7.50.

Red Robin Gourmet Burgers Trading Down 1.3%

The firm has a market cap of $83.25 million, a price-to-earnings ratio of -3.00 and a beta of 2.36. The stock’s fifty day moving average price is $3.59 and its 200-day moving average price is $3.87.

Red Robin Gourmet Burgers (NASDAQ:RRGB) last posted its quarterly earnings data 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 analysts’ expectations of $273.29 million. Analysts predict that Red Robin Gourmet Burgers, Inc. will post -0.43 earnings per share for the current year.

Hedge Funds Weigh In On Red Robin Gourmet Burgers

Hedge funds have recently made changes to their positions in the stock. Mink Brook Asset Management LLC purchased a new position in shares of Red Robin Gourmet Burgers during the 3rd quarter worth approximately $3,152,000. Simcoe Capital LLC purchased a new position in shares of Red Robin Gourmet Burgers during the 4th quarter worth approximately $1,989,000. Granite Investment Partners LLC purchased a new position in shares of Red Robin Gourmet Burgers during the 3rd quarter worth approximately $73,000. Barclays PLC boosted its position in shares of Red Robin Gourmet Burgers by 469.5% during the 4th quarter. Barclays PLC now owns 17,159 shares of the restaurant operator’s stock worth $69,000 after purchasing an additional 14,146 shares during the period. Finally, Panagora Asset Management Inc. purchased a new position in shares of Red Robin Gourmet Burgers during the 4th quarter worth approximately $65,000. 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.