Wellington Management Group LLP Makes New Investment in Red Robin Gourmet Burgers, Inc. $RRGB

Wellington Management Group LLP acquired a new stake in shares of Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 347,746 shares of the restaurant operator’s stock, valued at approximately $2,778,000.

Several other hedge funds also recently modified their holdings of RRGB. BNP Paribas Financial Markets grew its holdings in Red Robin Gourmet Burgers by 503.0% during the second quarter. BNP Paribas Financial Markets now owns 5,379 shares of the restaurant operator’s stock worth $31,000 after acquiring an additional 4,487 shares during the period. Jain Global LLC acquired a new stake in Red Robin Gourmet Burgers in the 4th quarter valued at about $47,000. Osaic Holdings Inc. lifted its holdings in Red Robin Gourmet Burgers by 152.6% in the 2nd quarter. Osaic Holdings Inc. now owns 10,055 shares of the restaurant operator’s stock valued at $58,000 after acquiring an additional 6,075 shares during the last quarter. MB Generational Wealth LLC bought a new position in shares of Red Robin Gourmet Burgers during the 1st quarter valued at about $59,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Red Robin Gourmet Burgers during the 1st quarter valued at about $61,000. 84.04% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Red Robin Gourmet Burgers in a report on Friday, July 17th. UBS Group set a $8.00 target price on Red Robin Gourmet Burgers in a report on Wednesday, June 3rd. Wall Street Zen raised Red Robin Gourmet Burgers from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Benchmark upped their target price on Red Robin Gourmet Burgers from $8.00 to $10.00 and gave the company a “buy” rating in a report on Thursday, August 13th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $8.33.

Red Robin Gourmet Burgers Stock Performance

RRGB stock opened at $7.56 on Friday. The firm has a 50 day simple moving average of $8.17 and a 200 day simple moving average of $5.66. Red Robin Gourmet Burgers, Inc. has a 52 week low of $2.45 and a 52 week high of $10.95. The stock has a market cap of $142.88 million, a P/E ratio of -4.47 and a beta of 2.44.

Red Robin Gourmet Burgers (NASDAQ:RRGB) last posted its quarterly earnings results on Wednesday, August 12th. The restaurant operator reported $0.12 earnings per share for the quarter. The firm had revenue of $277.64 million for the quarter, compared to analysts’ expectations of $268.56 million. Sell-side analysts predict that Red Robin Gourmet Burgers, Inc. will post -0.63 EPS for the current year.

Red Robin Gourmet Burgers Company Profile

Red Robin Gourmet Burgers, Inc, trading on NASDAQ under the ticker RRGB, is a leading casual dining restaurant company headquartered in Greenwood Village, Colorado. The company specializes in offering a diverse menu centered on gourmet burgers, bottomless steak fries, salads, sandwiches and a selection of alcoholic beverages. Red Robin operates restaurants under its flagship Red Robin® brand, serving guests through both dine-in and off-premises channels, including delivery and carry-out. The company also leverages technology and loyalty programs to enhance the guest experience and drive repeat visits.

Founded in 1969 in Seattle, Washington, Red Robin began as a small tavern before evolving into a family-friendly restaurant concept focused on premium burgers.