Longbow Research upgraded shares of Shake Shack (NYSE:SHAK) from a neutral rating to a buy rating in a research report released on Tuesday, MarketBeat Ratings reports. They currently have $60.00 price target on the stock.
Several other analysts have also recently weighed in on SHAK. Zacks Investment Research cut shares of Shake Shack from a hold rating to a sell rating in a research note on Wednesday, July 11th. Morgan Stanley boosted their price objective on shares of Shake Shack from $47.00 to $51.00 and gave the stock an equal weight rating in a research note on Monday, July 16th. Cowen reissued a hold rating and issued a $59.00 price objective on shares of Shake Shack in a research note on Wednesday, July 25th. Wedbush reissued a hold rating and issued a $62.00 price objective on shares of Shake Shack in a research note on Friday, August 3rd. Finally, Barclays boosted their price objective on shares of Shake Shack from $52.00 to $59.00 and gave the stock an equal weight rating in a research note on Monday, August 6th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Shake Shack has a consensus rating of Hold and an average target price of $54.50.
Shares of Shake Shack stock traded up $0.09 during trading on Tuesday, hitting $50.94. The company’s stock had a trading volume of 507,965 shares, compared to its average volume of 919,303. Shake Shack has a 52 week low of $36.58 and a 52 week high of $70.12. The stock has a market cap of $1.91 billion, a price-to-earnings ratio of 89.37, a P/E/G ratio of 3.35 and a beta of 1.36.
Shake Shack (NYSE:SHAK) last issued its quarterly earnings data on Thursday, November 1st. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.08. Shake Shack had a net margin of 0.40% and a return on equity of 10.64%. The company had revenue of $119.65 million for the quarter, compared to analysts’ expectations of $116.81 million. During the same quarter in the previous year, the firm posted $0.17 earnings per share. Shake Shack’s revenue for the quarter was up 26.5% on a year-over-year basis. As a group, equities research analysts anticipate that Shake Shack will post 0.69 EPS for the current year.
In other Shake Shack news, Director Daniel Harris Meyer sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 25th. The shares were sold at an average price of $60.24, for a total transaction of $602,400.00. Following the sale, the director now owns 1,032 shares of the company’s stock, valued at $62,167.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Equity Group L.P. Select sold 6,222 shares of the company’s stock in a transaction on Monday, October 1st. The shares were sold at an average price of $62.14, for a total transaction of $386,635.08. The disclosure for this sale can be found here. Insiders have sold 1,284,560 shares of company stock worth $74,700,300 in the last ninety days. Insiders own 30.18% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. raised its holdings in shares of Shake Shack by 30.4% during the third quarter. BlackRock Inc. now owns 3,800,912 shares of the company’s stock valued at $239,495,000 after purchasing an additional 886,216 shares during the period. Wasatch Advisors Inc. acquired a new position in shares of Shake Shack during the third quarter valued at about $48,819,000. Renaissance Technologies LLC raised its holdings in shares of Shake Shack by 122.4% during the second quarter. Renaissance Technologies LLC now owns 553,200 shares of the company’s stock valued at $36,611,000 after purchasing an additional 304,500 shares during the period. Morgan Stanley raised its holdings in shares of Shake Shack by 5.3% during the second quarter. Morgan Stanley now owns 4,130,314 shares of the company’s stock valued at $273,344,000 after purchasing an additional 207,141 shares during the period. Finally, Wells Fargo & Company MN raised its holdings in shares of Shake Shack by 576.2% during the third quarter. Wells Fargo & Company MN now owns 235,646 shares of the company’s stock valued at $14,848,000 after purchasing an additional 200,799 shares during the period. 87.50% of the stock is currently owned by institutional investors and hedge funds.
About Shake Shack
Shake Shack Inc owns, operates, and licenses Shake Shack restaurants (Shacks) in the United States and internationally. Its Shacks offers hamburgers, hot dogs, chicken, crinkle cut fries, shakes, frozen custard, beer, wine, and other products. As of October 9, 2018, it operated 180 locations in 26 U.S.
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