Red Robin Gourmet Burgers (NASDAQ:RRGB) Shares Pass Above 200-Day Moving Average - Here's What Happened

Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB - Get Free Report) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $4.67 and traded as high as $7.89. Red Robin Gourmet Burgers shares last traded at $7.44, with a volume of 707,969 shares trading hands.

Analyst Ratings Changes

Separately, Benchmark reaffirmed a "buy" rating and issued a $12.00 price target on shares of Red Robin Gourmet Burgers in a report on Wednesday, July 16th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat, Red Robin Gourmet Burgers presently has a consensus rating of "Moderate Buy" and an average price target of $12.38.

Red Robin Gourmet Burgers Stock Down 6.2%

The stock has a market cap of $113.00 million, a P/E ratio of -1.51 and a beta of 2.41. The firm's fifty day moving average price is $5.48 and its 200-day moving average price is $4.68.

Red Robin Gourmet Burgers (NASDAQ:RRGB - Get Free Report) last posted its earnings results on Thursday, May 29th. The restaurant operator reported $0.19 EPS for the quarter, topping the consensus estimate of ($0.57) by $0.76. The company had revenue of $392.35 million during the quarter, compared to analysts' expectations of $388.77 million. During the same period in the prior year, the business posted ($0.80) earnings per share. Sell-side analysts predict that Red Robin Gourmet Burgers, Inc. will post -2.94 earnings per share for the current year.

Insider Transactions at Red Robin Gourmet Burgers

In other news, Director Anthony S. Ackil bought 14,910 shares of the company's stock in a transaction on Friday, June 20th. The shares were acquired at an average cost of $5.03 per share, with a total value of $74,997.30. Following the completion of the transaction, the director owned 103,802 shares of the company's stock, valued at approximately $522,124.06. This trade represents a 16.77% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.19% of the company's stock.

Institutional Investors Weigh In On Red Robin Gourmet Burgers

Institutional investors have recently bought and sold shares of the business. Bandera Partners LLC bought a new stake in Red Robin Gourmet Burgers in the fourth quarter worth $1,260,000. D. E. Shaw & Co. Inc. lifted its holdings in shares of Red Robin Gourmet Burgers by 112.5% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 394,471 shares of the restaurant operator's stock worth $2,166,000 after acquiring an additional 208,862 shares during the last quarter. Barclays PLC boosted its stake in shares of Red Robin Gourmet Burgers by 489.6% during the 4th quarter. Barclays PLC now owns 12,270 shares of the restaurant operator's stock worth $67,000 after purchasing an additional 10,189 shares during the period. Bank of America Corp DE grew its holdings in Red Robin Gourmet Burgers by 113.9% during the 4th quarter. Bank of America Corp DE now owns 89,298 shares of the restaurant operator's stock valued at $490,000 after purchasing an additional 47,550 shares during the last quarter. Finally, Millennium Management LLC raised its position in Red Robin Gourmet Burgers by 22.3% in the 4th quarter. Millennium Management LLC now owns 127,974 shares of the restaurant operator's stock worth $703,000 after purchasing an additional 23,358 shares during the period. Hedge funds and other institutional investors 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.