Red Robin Gourmet Burgers (RRGB) Shares Up 5.3% on Better-Than-Expected Earnings

Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) shares shot up 5.3% on Wednesday following a better than expected earnings announcement. The stock traded as high as $36.89 and last traded at $34.89. 963,827 shares changed hands during trading, an increase of 183% from the average session volume of 339,987 shares. The stock had previously closed at $33.14.

The restaurant operator reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.04. Red Robin Gourmet Burgers had a net margin of 0.95% and a return on equity of 6.98%. The company had revenue of $294.90 million for the quarter, compared to analysts’ expectations of $304.11 million. During the same quarter in the previous year, the company earned $0.21 EPS. Red Robin Gourmet Burgers’s revenue for the quarter was down 3.5% on a year-over-year basis.

A number of research firms recently weighed in on RRGB. BidaskClub upgraded shares of Red Robin Gourmet Burgers from a “sell” rating to a “hold” rating in a research note on Tuesday, July 24th. Maxim Group lowered their target price on shares of Red Robin Gourmet Burgers from $68.00 to $54.00 and set a “buy” rating on the stock in a research note on Thursday, August 2nd. Wells Fargo & Co lowered their target price on shares of Red Robin Gourmet Burgers from $54.00 to $42.00 and set a “market perform” rating on the stock in a research note on Thursday, August 2nd. Raymond James cut shares of Red Robin Gourmet Burgers from an “outperform” rating to a “market perform” rating and set a $75.00 price target on the stock. in a research note on Thursday, August 2nd. Finally, Stifel Nicolaus decreased their price target on shares of Red Robin Gourmet Burgers from $55.00 to $45.00 and set a “hold” rating on the stock in a research note on Thursday, August 2nd. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $48.67.

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. lifted its stake in Red Robin Gourmet Burgers by 7.8% in the 2nd quarter. BlackRock Inc. now owns 1,769,762 shares of the restaurant operator’s stock worth $82,473,000 after purchasing an additional 128,501 shares in the last quarter. Investment Counselors of Maryland LLC raised its position in shares of Red Robin Gourmet Burgers by 22.2% during the 3rd quarter. Investment Counselors of Maryland LLC now owns 543,347 shares of the restaurant operator’s stock valued at $21,815,000 after buying an additional 98,549 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Red Robin Gourmet Burgers by 17.2% during the 3rd quarter. Alliancebernstein L.P. now owns 489,682 shares of the restaurant operator’s stock valued at $19,661,000 after buying an additional 71,870 shares in the last quarter. American Century Companies Inc. raised its position in shares of Red Robin Gourmet Burgers by 7.3% during the 3rd quarter. American Century Companies Inc. now owns 413,181 shares of the restaurant operator’s stock valued at $16,589,000 after buying an additional 28,171 shares in the last quarter. Finally, Voya Investment Management LLC raised its position in shares of Red Robin Gourmet Burgers by 94.2% during the 2nd quarter. Voya Investment Management LLC now owns 398,125 shares of the restaurant operator’s stock valued at $18,553,000 after buying an additional 193,143 shares in the last quarter.

The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.35 and a current ratio of 0.55. The stock has a market cap of $430.70 million, a PE ratio of 14.02, a PEG ratio of 1.80 and a beta of 0.58.

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About Red Robin Gourmet Burgers (NASDAQ:RRGB)

Red Robin Gourmet Burgers, Inc, together with its subsidiaries, develops, operates, and franchises full-service and casual-dining restaurants in the United States and Canada. As of December 31, 2017, it operated 480 company-owned restaurants located in 39 states and 2 Canadian provinces; and had 86 casual-dining restaurants operated by franchisees in 15 states.

Further Reading: What is an Initial Public Offering (IPO)?

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