Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) Sees Significant Decline in Short Interest

Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) was the target of a large decline in short interest in July. As of July 15th, there was short interest totalling 2,230,000 shares, a decline of 17.1% from the June 30th total of 2,690,000 shares. Currently, 14.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 433,600 shares, the days-to-cover ratio is currently 5.1 days.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Benchmark reaffirmed a “buy” rating and set a $18.00 price objective on shares of Red Robin Gourmet Burgers in a research report on Monday, April 15th. Craig Hallum assumed coverage on Red Robin Gourmet Burgers in a research note on Thursday, April 25th. They set a “buy” rating and a $20.00 target price on the stock. StockNews.com lowered Red Robin Gourmet Burgers from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. Finally, Lake Street Capital raised their target price on Red Robin Gourmet Burgers from $16.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, May 30th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $16.00.

Insider Activity at Red Robin Gourmet Burgers

In other Red Robin Gourmet Burgers news, major shareholder Archon Capital Management Llc sold 100,200 shares of the business’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $6.85, for a total value of $686,370.00. Following the transaction, the insider now owns 1,551,587 shares of the company’s stock, valued at $10,628,370.95. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Headlands Technologies LLC bought a new stake in shares of Red Robin Gourmet Burgers in the first quarter worth about $25,000. Tower Research Capital LLC TRC lifted its holdings in shares of Red Robin Gourmet Burgers by 122.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,610 shares of the restaurant operator’s stock valued at $33,000 after purchasing an additional 1,435 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in Red Robin Gourmet Burgers by 57.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 6,791 shares of the restaurant operator’s stock worth $85,000 after acquiring an additional 2,491 shares during the last quarter. Virtu Financial LLC purchased a new position in Red Robin Gourmet Burgers in the 1st quarter worth approximately $149,000. Finally, Quadrature Capital Ltd purchased a new position in Red Robin Gourmet Burgers in the 1st quarter worth approximately $166,000. 84.04% of the stock is owned by institutional investors.

Red Robin Gourmet Burgers Stock Performance

Shares of RRGB stock traded up $0.01 during trading on Friday, hitting $5.77. The company’s stock had a trading volume of 360,776 shares, compared to its average volume of 560,616. The business has a fifty day moving average of $7.07 and a 200-day moving average of $7.82. Red Robin Gourmet Burgers has a 52 week low of $5.46 and a 52 week high of $14.63.

Red Robin Gourmet Burgers (NASDAQ:RRGB) last posted its earnings results on Wednesday, May 29th. The restaurant operator reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.39). The business had revenue of $388.54 million during the quarter, compared to analysts’ expectations of $397.08 million. As a group, sell-side analysts expect that Red Robin Gourmet Burgers will post -1.79 earnings per share for the current year.

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.