Shake Shack (SHAK) Raised to “Equal Weight” at Morgan Stanley
Morgan Stanley upgraded shares of Shake Shack (NYSE:SHAK) from an underweight rating to an equal weight rating in a report issued on Thursday morning, Marketbeat reports. They currently have $34.00 price objective on the stock, down from their previous price objective of $43.04.
Several other equities analysts also recently commented on the stock. BidaskClub upgraded shares of Shake Shack from a buy rating to a strong-buy rating in a research note on Tuesday, November 14th. SunTrust Banks restated a buy rating and issued a $50.00 price target on shares of Shake Shack in a research note on Friday, November 3rd. Barclays boosted their target price on shares of Shake Shack from $34.00 to $36.00 and gave the stock an equal weight rating in a research note on Thursday, November 2nd. Cowen boosted their target price on shares of Shake Shack from $35.00 to $36.00 and gave the stock a market perform rating in a research note on Thursday, November 2nd. Finally, Wedbush reiterated a hold rating and set a $36.00 target price on shares of Shake Shack in a research note on Thursday, November 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have issued a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $37.33.
Shake Shack (NYSE:SHAK) traded up $1.23 during trading hours on Thursday, hitting $46.30. 975,945 shares of the company’s stock traded hands, compared to its average volume of 674,218. The firm has a market capitalization of $1,700.55, a P/E ratio of 82.68, a price-to-earnings-growth ratio of 4.01 and a beta of 1.43. Shake Shack has a fifty-two week low of $30.12 and a fifty-two week high of $46.56.
Shake Shack (NYSE:SHAK) last posted its quarterly earnings results on Wednesday, November 1st. The company reported $0.17 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.02. The business had revenue of $94.60 million during the quarter, compared to the consensus estimate of $94.17 million. Shake Shack had a net margin of 4.78% and a return on equity of 9.42%. The company’s quarterly revenue was up 26.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.15 earnings per share. analysts forecast that Shake Shack will post 0.52 earnings per share for the current year.
In related news, Director Jeffrey Flug sold 39,619 shares of the business’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $31.40, for a total transaction of $1,244,036.60. Following the completion of the transaction, the director now owns 4,415 shares in the company, valued at $138,631. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Jonathan D. Sokoloff sold 522,867 shares of the business’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $40.32, for a total transaction of $21,081,997.44. The disclosure for this sale can be found here. In the last quarter, insiders have sold 748,566 shares of company stock valued at $29,047,300. Insiders own 34.91% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ameriprise Financial Inc. boosted its stake in Shake Shack by 4.6% in the second quarter. Ameriprise Financial Inc. now owns 108,715 shares of the company’s stock valued at $3,792,000 after acquiring an additional 4,764 shares in the last quarter. Brighton Jones LLC acquired a new position in Shake Shack in the second quarter valued at $425,000. FMR LLC boosted its stake in Shake Shack by 5.7% in the second quarter. FMR LLC now owns 2,615,287 shares of the company’s stock valued at $91,221,000 after acquiring an additional 142,140 shares in the last quarter. Macquarie Group Ltd. boosted its stake in Shake Shack by 18.9% in the second quarter. Macquarie Group Ltd. now owns 844,390 shares of the company’s stock valued at $29,452,000 after acquiring an additional 134,386 shares in the last quarter. Finally, Wasatch Advisors Inc. acquired a new position in Shake Shack in the third quarter valued at $1,994,000. Institutional investors own 83.51% of the company’s stock.
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About Shake Shack
Shake Shack Inc operates roadside burger stands. The Company serves an American menu of burgers, hot dogs, crispy chicken, frozen custard, crinkle cut fries, shakes, beer and wine, among others. The Company’s signature items are its all-natural, hormone and antibiotic-free burgers, hot dogs, crispy chicken, crinkle cut fries, shakes and frozen custard.
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