Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) Short Interest Up 25.0% in October

Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) was the target of a significant increase in short interest in October. As of October 15th, there was short interest totalling 2,800,000 shares, an increase of 25.0% from the September 30th total of 2,240,000 shares. Based on an average daily volume of 610,800 shares, the short-interest ratio is presently 4.6 days. Currently, 19.3% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Headlands Technologies LLC bought a new position in shares of Red Robin Gourmet Burgers during the first quarter worth $25,000. Quarry LP bought a new position in Red Robin Gourmet Burgers during the second quarter worth about $25,000. Point72 DIFC Ltd bought a new position in Red Robin Gourmet Burgers during the second quarter worth about $55,000. PNC Financial Services Group Inc. grew its stake in Red Robin Gourmet Burgers by 57.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,791 shares of the restaurant operator’s stock valued at $85,000 after acquiring an additional 2,491 shares during the period. Finally, Virtu Financial LLC bought a new stake in shares of Red Robin Gourmet Burgers in the first quarter worth about $149,000. Institutional investors and hedge funds own 84.04% of the company’s stock.

Red Robin Gourmet Burgers Price Performance

Shares of RRGB stock traded down $0.12 during trading hours on Wednesday, reaching $5.85. The company had a trading volume of 44,352 shares, compared to its average volume of 437,631. The company has a 50 day moving average of $4.51 and a 200 day moving average of $5.95. The firm has a market cap of $92.14 million, a price-to-earnings ratio of -2.29 and a beta of 2.75. Red Robin Gourmet Burgers has a 1-year low of $2.97 and a 1-year high of $12.80.

Red Robin Gourmet Burgers (NASDAQ:RRGB) last issued its earnings results on Thursday, August 22nd. The restaurant operator reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.07). The business had revenue of $300.15 million during the quarter, compared to analysts’ expectations of $295.57 million. During the same quarter in the prior year, the business posted ($0.24) EPS. As a group, sell-side analysts forecast that Red Robin Gourmet Burgers will post -2.37 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RRGB has been the subject of a number of recent research reports. Lake Street Capital dropped their target price on Red Robin Gourmet Burgers from $17.00 to $16.00 and set a “buy” rating for the company in a research report on Friday, August 23rd. Craig Hallum dropped their price objective on Red Robin Gourmet Burgers from $15.00 to $11.50 and set a “buy” rating for the company in a report on Friday, August 23rd. Finally, Benchmark reduced their target price on shares of Red Robin Gourmet Burgers from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, August 20th.

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.