JPMorgan Chase & Co. Reaffirms Underweight Rating for Shake Shack (NYSE:SHAK)

JPMorgan Chase & Co. reiterated their underweight rating on shares of Shake Shack (NYSE:SHAK) in a research report report published on Tuesday morning, Benzinga reports. JPMorgan Chase & Co. currently has a $102.00 price objective on the stock, down from their prior price objective of $105.00.

SHAK has been the topic of a number of other reports. The Goldman Sachs Group raised their price target on Shake Shack from $110.00 to $125.00 and gave the company a buy rating in a report on Friday, August 2nd. Piper Sandler lowered shares of Shake Shack from an overweight rating to a neutral rating and cut their price objective for the company from $121.00 to $114.00 in a report on Monday, August 19th. TD Cowen reiterated a buy rating and set a $125.00 price objective on shares of Shake Shack in a research report on Wednesday, September 18th. Truist Financial restated a buy rating and set a $127.00 target price on shares of Shake Shack in a research report on Wednesday, August 28th. Finally, Morgan Stanley reduced their price target on shares of Shake Shack from $108.00 to $100.00 and set an equal weight rating on the stock in a report on Tuesday, July 16th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $107.39.

Shake Shack Stock Performance

Shares of NYSE SHAK opened at $104.71 on Tuesday. The firm’s 50-day moving average price is $99.26 and its 200-day moving average price is $97.57. Shake Shack has a 52-week low of $52.79 and a 52-week high of $111.29. The company has a market cap of $4.45 billion, a PE ratio of 190.39, a PEG ratio of 3.13 and a beta of 1.83. The company has a quick ratio of 2.03, a current ratio of 2.06 and a debt-to-equity ratio of 0.51.

Shake Shack (NYSE:SHAK) last announced its earnings results on Thursday, August 1st. The company reported $0.27 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.27. Shake Shack had a return on equity of 5.63% and a net margin of 2.23%. The business had revenue of $316.50 million for the quarter, compared to analysts’ expectations of $314.37 million. During the same period last year, the firm posted $0.18 earnings per share. The business’s revenue for the quarter was up 16.4% on a year-over-year basis. As a group, analysts anticipate that Shake Shack will post 0.73 EPS for the current year.

Insider Buying and Selling

In other Shake Shack news, CFO Katherine Irene Fogertey sold 321 shares of Shake Shack stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $95.10, for a total value of $30,527.10. Following the transaction, the chief financial officer now owns 37,143 shares in the company, valued at $3,532,299.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Katherine Irene Fogertey sold 321 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $95.10, for a total transaction of $30,527.10. Following the completion of the sale, the chief financial officer now owns 37,143 shares of the company’s stock, valued at $3,532,299.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Daniel Harris Meyer sold 10,000 shares of Shake Shack stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $110.24, for a total transaction of $1,102,400.00. Following the completion of the transaction, the director now directly owns 470,437 shares in the company, valued at $51,860,974.88. The disclosure for this sale can be found here. Insiders sold 12,213 shares of company stock valued at $1,311,175 over the last 90 days. Corporate insiders own 9.73% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP grew its stake 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 worth $72,088,000 after purchasing an additional 66,090 shares during the period. Armistice Capital LLC boosted its holdings in 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 buying an additional 236,950 shares in the last quarter. Marshall Wace LLP grew its position in Shake Shack by 101.2% during the second quarter. Marshall Wace LLP now owns 544,336 shares of the company’s stock valued at $48,990,000 after buying an additional 273,822 shares during the period. Renaissance Technologies LLC increased its holdings in Shake Shack by 41.9% in the second quarter. Renaissance Technologies LLC now owns 437,600 shares of the company’s stock valued at $39,384,000 after buying an additional 129,200 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Shake Shack by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 300,539 shares of the company’s stock worth $27,048,000 after acquiring an additional 4,201 shares during the period. 86.07% 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, 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.