Zacks Investment Research downgraded shares of Shake Shack (NYSE:SHAK) from a buy rating to a hold rating in a research report sent to investors on Thursday.
According to Zacks, “Shake Shack Inc. is engaged in owning and operating restaurants. The company offers burgers, hot dogs, frozen custard, crinkle cut fries, beer and wine. It operates primarily in New York, New Jersey, Washington, D.C., Connecticut, Georgia, Illinois, Pennsylvania, Florida, Massachusetts, Virginia, Nevada, London, Istanbul and Dubai. Shake Shack Inc. is headquartered in New York. “
SHAK has been the topic of a number of other research reports. ValuEngine downgraded Shake Shack from a strong-buy rating to a buy rating in a research report on Friday, November 2nd. Longbow Research raised Shake Shack from a neutral rating to a buy rating and set a $60.00 price target on the stock in a research report on Tuesday, November 6th. Wedbush lowered their price target on Shake Shack from $62.00 to $56.00 and set a neutral rating on the stock in a research report on Friday, November 2nd. Barclays boosted their price target on Shake Shack from $52.00 to $59.00 and gave the stock an equal weight rating in a research report on Monday, August 6th. Finally, SunTrust Banks lowered their price target on Shake Shack to $60.00 and set a buy rating on the stock in a research report on Friday, November 2nd. Two analysts have rated the stock with a sell rating, six have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $54.50.
SHAK traded up $0.09 on Thursday, hitting $50.94. 507,965 shares of the company were exchanged, compared to its average volume of 928,662. Shake Shack has a 12 month low of $36.58 and a 12 month high of $70.12. The firm has a market capitalization of $1.88 billion, a PE ratio of 69.66, a PEG ratio of 3.29 and a beta of 1.36.
Shake Shack (NYSE:SHAK) last released its earnings results on Thursday, November 1st. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.08. Shake Shack had a return on equity of 10.64% and a net margin of 0.40%. The business had revenue of $119.65 million for the quarter, compared to analyst estimates of $116.81 million. During the same quarter in the prior year, the company posted $0.17 earnings per share. Shake Shack’s revenue was up 26.5% on a year-over-year basis. On average, equities research analysts anticipate that Shake Shack will post 0.69 earnings per share for the current year.
In other news, major shareholder Equity Group L.P. Select sold 69,537 shares of the stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $58.25, for a total value of $4,050,530.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Daniel Harris Meyer sold 10,000 shares of the stock in a transaction on Monday, October 1st. The shares were sold at an average price of $62.08, for a total value of $620,800.00. Following the completion of the transaction, the director now owns 1,032 shares of the company’s stock, valued at $64,066.56. The disclosure for this sale can be found here. Insiders sold a total of 1,284,560 shares of company stock valued at $74,700,300 over the last quarter. 30.18% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. BlackRock Inc. raised its position in Shake Shack by 15.2% during the 2nd quarter. BlackRock Inc. now owns 2,914,696 shares of the company’s stock worth $192,895,000 after purchasing an additional 384,867 shares during the last quarter. DSAM Partners London Ltd acquired a new stake in shares of Shake Shack in the 2nd quarter valued at about $6,491,000. CIBC World Markets Inc. acquired a new stake in shares of Shake Shack in the 2nd quarter valued at about $1,048,000. Rehmann Capital Advisory Group acquired a new stake in shares of Shake Shack in the 2nd quarter valued at about $124,000. Finally, Alps Advisors Inc. acquired a new stake in shares of Shake Shack in the 2nd quarter valued at about $649,000. 87.50% of the stock is 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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