Red Robin Gourmet Burgers (NASDAQ:RRGB) Stock Price Breaks Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Red Robin shares broke above their 200-day moving average, reaching $8.48 before closing at $8.36, up 3.9%. The 200-day average was $6.11.
• Analyst views remain mixed: Benchmark raised its price target to $10 and assigned a Buy rating, while other analysts maintain Hold or Sell ratings. The consensus rating is Hold with an $8.33 price target.
• The company reported quarterly revenue of $277.64 million, exceeding estimates of $268.56 million, and institutional investors own 84.04% of its stock after several hedge funds initiated positions.

Shares of Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB - Get Free Report) crossed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $6.11 and traded as high as $8.48. Red Robin Gourmet Burgers shares last traded at $8.36, with a volume of 143,521 shares changing hands.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Wall Street Zen upgraded Red Robin Gourmet Burgers from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. Benchmark increased their price objective on shares of Red Robin Gourmet Burgers from $8.00 to $10.00 and gave the company a "buy" rating in a research report on Thursday, August 13th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Red Robin Gourmet Burgers in a report on Friday, July 17th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $8.33.

Red Robin Gourmet Burgers Trading Up 3.9%

The company has a market cap of $158.04 million, a P/E ratio of -4.95 and a beta of 2.49. The company's 50-day moving average price is $8.36 and its two-hundred day moving average price is $6.11.

Red Robin Gourmet Burgers (NASDAQ:RRGB - Get Free Report) last released its earnings results on Wednesday, August 12th. The restaurant operator reported $0.12 EPS for the quarter. The firm had revenue of $277.64 million for the quarter, compared to the consensus estimate of $268.56 million. As a group, analysts anticipate that Red Robin Gourmet Burgers, Inc. will post -0.63 earnings per share for the current year.

Institutional Trading of Red Robin Gourmet Burgers

Hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP bought a new position in Red Robin Gourmet Burgers during the 2nd quarter worth $2,778,000. BlackRock Inc. bought a new position in shares of Red Robin Gourmet Burgers during the second quarter worth about $2,382,000. Western Standard LLC acquired a new stake in shares of Red Robin Gourmet Burgers in the 2nd quarter worth about $706,000. PDT Partners LLC acquired a new position in Red Robin Gourmet Burgers during the 2nd quarter valued at about $327,000. Finally, Lotus Technology Management LP bought a new position in Red Robin Gourmet Burgers in the 2nd quarter worth about $305,000. Institutional investors own 84.04% of the company's stock.

Red Robin Gourmet Burgers Company Profile

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.

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