May 10, 2013 (SmarTrend(R) Upgrades/Downgrades via COMTEX) -- Red Robin Gourmet Burgers (NASDAQ:RRGB) was upgraded from Neutral to Buy at Northcoast today. The stock closed yesterday at $48.47 on volume of 46,000 shares, below average daily volume of 124,000. Red Robin Gourmet Burgers (NASDAQ:RRGB) defies analysts with a current price ($48.13) 2.2% above its average consensus price target of $47.05. The stock should discover initial support at its 50-day moving average (MA) of $45.47 and subsequent support at its 200-day MA of $36.23.
In the past 52 weeks, Red Robin Gourmet Burgers share prices have been bracketed by a low of $21.68 and a high of $48.74 and closed yesterday at $48.13, 122% above that low price. The 200-day and 50-day moving averages have moved 0.94% higher and 1.08% higher over the past week, respectively.
Red Robin Gourmet Burgers Inc. owns and operates a chain of specialty restaurants in the United States and Canada.
SmarTrend recommended that subscribers consider buying shares of Red Robin Gourmet Burgers on November 1st, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $33.13. Since that recommendation, shares of Red Robin Gourmet Burgers have risen 45.3%. We continue to monitor RRGB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Write to Chip Brian at cbrian@mysmartrend.com
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