Covestor Ltd Increases Position in Shake Shack Inc. (NYSE:SHAK)

Covestor Ltd raised its position in shares of Shake Shack Inc. (NYSE:SHAK) by 41.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 698 shares of the company’s stock after purchasing an additional 205 shares during the period. Covestor Ltd’s holdings in Shake Shack were worth $72,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its holdings in shares of Shake Shack by 9.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 801,003 shares of the company’s stock valued at $72,088,000 after buying an additional 66,090 shares in the last quarter. Armistice Capital LLC raised its stake in shares of Shake Shack by 69.1% during the second quarter. Armistice Capital LLC now owns 579,904 shares of the company’s stock worth $52,191,000 after acquiring an additional 236,950 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of Shake Shack by 101.2% in the 2nd quarter. Marshall Wace LLP now owns 544,336 shares of the company’s stock valued at $48,990,000 after purchasing an additional 273,822 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Shake Shack by 41.9% during the 2nd quarter. Renaissance Technologies LLC now owns 437,600 shares of the company’s stock valued at $39,384,000 after purchasing an additional 129,200 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Shake Shack by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 300,539 shares of the company’s stock worth $27,048,000 after purchasing an additional 4,201 shares during the period. Institutional investors own 86.07% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on SHAK. Piper Sandler downgraded Shake Shack from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $121.00 to $114.00 in a report on Monday, August 19th. The Goldman Sachs Group boosted their price objective on Shake Shack from $110.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Truist Financial raised their target price on shares of Shake Shack from $127.00 to $144.00 and gave the stock a “buy” rating in a report on Friday, November 1st. TD Cowen reiterated a “buy” rating and set a $125.00 price target on shares of Shake Shack in a report on Wednesday, September 18th. Finally, Oppenheimer raised their price target on shares of Shake Shack from $122.00 to $135.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Shake Shack currently has a consensus rating of “Hold” and an average price target of $110.00.

Insider Activity

In related news, Director Daniel Harris Meyer sold 22,691 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $124.47, for a total value of $2,824,348.77. Following the sale, the director now owns 437,646 shares in the company, valued at $54,473,797.62. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO Katherine Irene Fogertey sold 321 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $103.93, for a total value of $33,361.53. Following the transaction, the chief financial officer now owns 36,180 shares in the company, valued at approximately $3,760,187.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Daniel Harris Meyer sold 22,691 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $124.47, for a total transaction of $2,824,348.77. Following the sale, the director now directly owns 437,646 shares of the company’s stock, valued at $54,473,797.62. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 63,433 shares of company stock worth $7,654,856. Insiders own 9.73% of the company’s stock.

Shake Shack Price Performance

SHAK opened at $127.64 on Thursday. The company has a current ratio of 2.01, a quick ratio of 1.98 and a debt-to-equity ratio of 0.51. The company has a market cap of $5.42 billion, a price-to-earnings ratio of 750.79, a price-to-earnings-growth ratio of 2.99 and a beta of 1.81. The stock has a fifty day simple moving average of $110.54 and a two-hundred day simple moving average of $100.60. Shake Shack Inc. has a 12-month low of $57.09 and a 12-month high of $134.90.

Shake Shack (NYSE:SHAK) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.05. Shake Shack had a net margin of 0.68% and a return on equity of 6.28%. The company had revenue of $316.92 million during the quarter, compared to analyst estimates of $316.03 million. During the same period last year, the business earned $0.17 EPS. Shake Shack’s quarterly revenue was up 14.7% compared to the same quarter last year. Research analysts predict that Shake Shack Inc. will post 0.81 earnings per share for the current fiscal year.

Shake Shack Profile

Shake Shack Inc owns, operates, and licenses Shake Shack restaurants (Shacks) in the United States and internationally. Its Shacks offers hamburgers, chicken, hot dogs, crinkle cut fries, shakes, frozen custard, beer, wine, and other products. The company was founded in 2001 and is headquartered in New York, New York.