Brokers Set Expectations for Red Robin Gourmet Burgers, Inc.’s Q3 2024 Earnings (NASDAQ:RRGB)

Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) – Equities research analysts at Zacks Research cut their Q3 2024 earnings estimates for shares of Red Robin Gourmet Burgers in a note issued to investors on Thursday, September 12th. Zacks Research analyst M. Kaushik now expects that the restaurant operator will post earnings of ($0.82) per share for the quarter, down from their previous forecast of ($0.38). The consensus estimate for Red Robin Gourmet Burgers’ current full-year earnings is ($2.18) per share. Zacks Research also issued estimates for Red Robin Gourmet Burgers’ Q4 2024 earnings at ($0.26) EPS, FY2024 earnings at ($2.37) EPS, Q1 2025 earnings at ($0.41) EPS, Q2 2025 earnings at ($0.28) EPS, Q3 2025 earnings at ($0.38) EPS, Q4 2025 earnings at ($0.21) EPS, FY2025 earnings at ($1.28) EPS, Q1 2026 earnings at $0.11 EPS and Q2 2026 earnings at $0.02 EPS.

Several other research analysts have also weighed in on the company. Lake Street Capital lowered their price target on Red Robin Gourmet Burgers from $17.00 to $16.00 and set a “buy” rating on the stock in a research report on Friday, August 23rd. Benchmark cut their target price on shares of Red Robin Gourmet Burgers from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, August 20th. Finally, Craig Hallum dropped their price target 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. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $13.13.

Red Robin Gourmet Burgers Price Performance

Shares of NASDAQ:RRGB opened at $3.26 on Monday. The company’s 50-day moving average price is $4.89 and its two-hundred day moving average price is $6.37. Red Robin Gourmet Burgers has a one year low of $2.97 and a one year high of $12.80.

Red Robin Gourmet Burgers (NASDAQ:RRGB) last announced its quarterly earnings results on Thursday, August 22nd. The restaurant operator reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.07). The business had revenue of $300.15 million during the quarter, compared to the consensus estimate of $295.57 million. During the same period in the prior year, the business earned ($0.24) EPS.

Hedge Funds Weigh In On Red Robin Gourmet Burgers

Hedge funds and other institutional investors have recently bought and sold shares of the company. First Eagle Investment Management LLC increased its position in shares of Red Robin Gourmet Burgers by 2.0% during the second quarter. First Eagle Investment Management LLC now owns 1,006,937 shares of the restaurant operator’s stock worth $7,623,000 after acquiring an additional 20,100 shares in the last quarter. Pacific Ridge Capital Partners LLC lifted its stake in Red Robin Gourmet Burgers by 18.8% in the second quarter. Pacific Ridge Capital Partners LLC now owns 911,005 shares of the restaurant operator’s stock valued at $6,896,000 after purchasing an additional 143,957 shares during the last quarter. Acuitas Investments LLC grew its holdings in Red Robin Gourmet Burgers by 9.0% during the second quarter. Acuitas Investments LLC now owns 610,193 shares of the restaurant operator’s stock valued at $4,619,000 after purchasing an additional 50,172 shares during the period. RK Capital Management LLC grew its holdings in Red Robin Gourmet Burgers by 1.6% during the 4th quarter. RK Capital Management LLC now owns 397,000 shares of the restaurant operator’s stock valued at $4,951,000 after buying an additional 6,100 shares in the last quarter. Finally, Marshall Wace LLP grew its position in Red Robin Gourmet Burgers by 188.9% during the second quarter. Marshall Wace LLP now owns 368,541 shares of the restaurant operator’s stock worth $2,790,000 after buying an additional 240,954 shares in the last quarter. Institutional investors and hedge funds own 84.04% of the company’s stock.

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.