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

Shares of Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $5.95 and traded as high as $6.24. Red Robin Gourmet Burgers shares last traded at $5.97, with a volume of 137,462 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Craig Hallum dropped their price objective on Red Robin Gourmet Burgers from $15.00 to $11.50 and set a “buy” rating for the company in a research note on Friday, August 23rd. Benchmark cut their price target on shares of Red Robin Gourmet Burgers from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, August 20th. Finally, Lake Street Capital reduced their price target on shares of Red Robin Gourmet Burgers from $17.00 to $16.00 and set a “buy” rating on the stock in a research report on Friday, August 23rd.

Red Robin Gourmet Burgers Price Performance

The stock’s 50 day simple moving average is $4.53 and its two-hundred day simple moving average is $5.95. The company has a market capitalization of $89.96 million, a P/E ratio of -2.20 and a beta of 2.75.

Red Robin Gourmet Burgers (NASDAQ:RRGB) last posted its quarterly earnings data on Thursday, August 22nd. The restaurant operator reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.07). The business had revenue of $300.15 million during the quarter, compared to analysts’ expectations of $295.57 million. During the same quarter last year, the company posted ($0.24) earnings per share. As a group, equities research analysts expect that Red Robin Gourmet Burgers, Inc. will post -2.37 earnings per share for the current year.

Institutional Investors Weigh In On Red Robin Gourmet Burgers

Several institutional investors have recently modified their holdings of the business. Headlands Technologies LLC bought a new position in Red Robin Gourmet Burgers in the first quarter valued at approximately $25,000. Quarry LP acquired a new position in Red Robin Gourmet Burgers in the second quarter valued at about $25,000. PNC Financial Services Group Inc. lifted its stake in Red Robin Gourmet Burgers by 57.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,791 shares of the restaurant operator’s stock valued at $85,000 after buying an additional 2,491 shares during the period. Point72 DIFC Ltd bought a new position in Red Robin Gourmet Burgers during the second quarter worth about $55,000. Finally, Virtu Financial LLC acquired a new position in shares of Red Robin Gourmet Burgers during the 1st quarter worth about $149,000. Institutional investors and hedge funds own 84.04% of the company’s stock.

About Red Robin Gourmet Burgers

Red Robin Gourmet Burgers, Inc, together with its subsidiaries, develops, operates, and franchises casual-dining restaurants, in North America and one Canadian province. Its restaurants primarily offer burgers and pizza, appetizers, salads, soups, other entrees, desserts, wings, milkshakes, alcoholic and non-alcoholic specialty drinks, cocktails, wine, and beers.