Red Robin Gourmet Burgers (NASDAQ:RRGB) Upgraded to Buy at CL King

CL King upgraded shares of Red Robin Gourmet Burgers (NASDAQ:RRGB) from a neutral rating to a buy rating in a research report sent to investors on Thursday morning, Marketbeat.com reports. The firm currently has $10.00 target price on the restaurant operator’s stock.

Red Robin Gourmet Burgers Trading Up 34.5 %

RRGB stock opened at $6.08 on Thursday. The stock has a 50-day moving average price of $5.50 and a two-hundred day moving average price of $5.09. The stock has a market cap of $105.74 million, a PE ratio of -1.85 and a beta of 2.65. Red Robin Gourmet Burgers has a 1 year low of $2.97 and a 1 year high of $9.20.

Red Robin Gourmet Burgers (NASDAQ:RRGB) last released its earnings results on Wednesday, February 26th. The restaurant operator reported ($0.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.50) by ($0.44). The business had revenue of $285.23 million during the quarter, compared to analysts’ expectations of $285.20 million. During the same period in the previous year, the business posted ($0.66) EPS. On average, analysts forecast that Red Robin Gourmet Burgers will post -2.94 earnings per share for the current fiscal year.

Insider Activity

In other Red Robin Gourmet Burgers news, insider Jumana Capital Investments Llc purchased 800,454 shares of Red Robin Gourmet Burgers stock in a transaction that occurred on Tuesday, December 3rd. The stock was acquired at an average price of $5.19 per share, for a total transaction of $4,154,356.26. Following the completion of the acquisition, the insider now owns 1,614,906 shares of the company’s stock, valued at approximately $8,381,362.14. This trade represents a 98.28 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 3.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Red Robin Gourmet Burgers

A number of hedge funds and other institutional investors have recently bought and sold shares of RRGB. JCP Investment Management LLC grew its holdings in Red Robin Gourmet Burgers by 281.6% during the fourth quarter. JCP Investment Management LLC now owns 1,860,668 shares of the restaurant operator’s stock worth $10,215,000 after purchasing an additional 1,373,077 shares during the period. GSA Capital Partners LLP grew its holdings in Red Robin Gourmet Burgers by 482.8% during the third quarter. GSA Capital Partners LLP now owns 634,961 shares of the restaurant operator’s stock worth $2,800,000 after purchasing an additional 526,016 shares during the period. Verition Fund Management LLC bought a new position in Red Robin Gourmet Burgers during the third quarter worth about $1,082,000. Bandera Partners LLC acquired a new stake in Red Robin Gourmet Burgers during the fourth quarter worth approximately $1,260,000. Finally, D. E. Shaw & Co. Inc. lifted its position in Red Robin Gourmet Burgers by 112.5% during the fourth 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. Institutional investors own 84.04% of the company’s stock.

Red Robin Gourmet Burgers Company Profile

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.