The stock of Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) is now priced at $11.21 and the shares are 1.56 points up or 16.17% higher compared to its previous closing price of $9.65. RRGB shares have a float of 12.69 million and although its performance was 28.85% over the week, it’s one to watch. Analysts have given the RRGB stock a yearly average price target of $16.17 per share. It means the stock’s upside potential is 44.25% with the RRGB share price recently placing at $9.71 to $11.25. However, some brokerage firms have priced the stock below the average, including one that has called $10.
The shorts are running away from the Red Robin Gourmet Burgers, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the RRGB shares have declined. Short interest in the stock represents just 35.98% of its float, but the volume has dropped by -123243. The volume of shorted shares dropped to 4.567 million from 4.69 million shares over the last two weeks. The average intraday trading volume has been 1.194 million shares, which means that days to cover moved to roughly 3.824798.
In the last trading session, Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) raised by $2.51 over the week and gained $2.47 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $37.29. The stock recorded its established 52-week high on 02/21/20.
Since 03/18/20, the stock has traded to a low of $4.04 at 177.48%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.45. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Red Robin Gourmet Burgers, Inc.’s two-week RSI is 64.53. This suggests that the stock is neutral at the moment and that RRGB shares’ price movement remains stable. The stochastic readings are equally revealing at 60.92% meaning the RRGB share price is currently in neutral territory.
The technical chart shows that the RRGB stock will likely settle at between $11.74 and $12.26 per share. However, if the stock dips below $10.2, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $9.18.
Currently, the stock is trading in the green of MACD, with a reading of 0.6. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group though dropped target price of RRGB stock from $44 to $42 but maintained Buy recommendation in their November 07 review. BofA/Merrill analysts downgraded their recommendation of the stock from Neutral to Underperform in a flash note released to investors on August 27. Maxim Group analysts see the stock as Buy. Nonetheless, the analysts revised the share prices down on August 07, placing it at $44 from $49.
The average rating for the RRGB equity is 3.14 and is currently gathering a bearish momentum. Of 7 analysts tracking Red Robin Gourmet Burgers, Inc. polled by Reuters, 6 rated RRGB as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands below the group’s average of 48.8.