Piper Sandler Issues Pessimistic Forecast for Shake Shack (NYSE:SHAK) Stock Price

Shake Shack (NYSE:SHAK) had its price objective reduced by Piper Sandler from $79.00 to $66.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s target price indicates a potential upside of 6.28% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Morgan Stanley reiterated an “equal weight” rating and issued a $76.00 target price (down from $115.00) on shares of Shake Shack in a research note on Wednesday, June 3rd. Citigroup reaffirmed a “buy” rating on shares of Shake Shack in a research note on Wednesday, June 3rd. JPMorgan Chase & Co. reduced their price target on shares of Shake Shack from $100.00 to $85.00 and set a “neutral” rating on the stock in a report on Friday, May 8th. TD Cowen reaffirmed a “hold” rating and set a $70.00 price target on shares of Shake Shack in a research note on Wednesday, June 3rd. Finally, Guggenheim decreased their price objective on Shake Shack from $120.00 to $100.00 and set a “buy” rating on the stock in a report on Monday, May 11th. Fifteen analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Shake Shack currently has a consensus rating of “Hold” and an average target price of $89.39.

Shake Shack Stock Up 6.0%

Shake Shack stock opened at $62.10 on Tuesday. The stock’s fifty day moving average is $60.59 and its two-hundred day moving average is $81.51. The stock has a market cap of $2.66 billion, a PE ratio of 63.37, a P/E/G ratio of 2.63 and a beta of 1.63. Shake Shack has a 1-year low of $51.60 and a 1-year high of $142.20. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.69 and a quick ratio of 1.66.

Insider Transactions at Shake Shack

In related news, Director Jeffrey Flug bought 1,000 shares of the stock in a transaction dated Friday, May 15th. The stock was bought at an average cost of $61.30 per share, with a total value of $61,300.00. Following the completion of the acquisition, the director owned 5,470 shares of the company’s stock, valued at $335,311. This trade represents a 22.37% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sumaiya Balbale purchased 4,068 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The stock was bought at an average cost of $61.42 per share, for a total transaction of $249,856.56. Following the acquisition, the director owned 13,407 shares in the company, valued at approximately $823,457.94. The trade was a 43.56% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 50,616 shares of company stock valued at $3,109,782 over the last ninety days. Insiders own 8.32% of the company’s stock.

Institutional Investors Weigh In On Shake Shack

Hedge funds have recently added to or reduced their stakes in the stock. Glenview Trust co grew its position in shares of Shake Shack by 1.5% during the second quarter. Glenview Trust co now owns 6,925 shares of the company’s stock worth $974,000 after acquiring an additional 100 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of Shake Shack by 42.2% during the fourth quarter. UMB Bank n.a. now owns 391 shares of the company’s stock valued at $32,000 after buying an additional 116 shares during the last quarter. Maryland State Retirement & Pension System boosted its position in shares of Shake Shack by 2.1% during the fourth quarter. Maryland State Retirement & Pension System now owns 5,905 shares of the company’s stock worth $479,000 after buying an additional 119 shares during the period. Farther Finance Advisors LLC boosted its position in shares of Shake Shack by 18.2% during the fourth quarter. Farther Finance Advisors LLC now owns 935 shares of the company’s stock worth $76,000 after buying an additional 144 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its holdings in Shake Shack by 1.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,186 shares of the company’s stock worth $746,000 after buying an additional 150 shares in the last quarter. 86.07% of the stock is currently owned by institutional investors.

About Shake Shack

Shake Shack, Inc (NYSE: SHAK) is a publicly traded hospitality company known for its modern take on the classic American roadside burger stand. The company operates a chain of quick-casual restaurants offering premium hamburgers, hot dogs, crinkle-cut fries, frozen custard, milkshakes and a curated selection of beer and wine. Shake Shack emphasizes high-quality ingredients, including 100% all-natural Angus beef with no hormones or antibiotics, and works with local suppliers where possible to maintain its commitment to fresh, responsibly sourced food.

Shake Shack traces its origins to a hot dog cart opened in New York City’s Madison Square Park in 2001 by Danny Meyer’s Union Square Hospitality Group.