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Shake Shack (NYSE:SHAK) Shares Down 9.4%

Financial News Live · Sep 24, 2022 10:31

Shake Shack Inc. (NYSE:SHAK – Get Rating)'s share price dropped 9.4% during trading on Thursday . The company traded as low as $43.93 and last traded at $43.93. Approximately 29,358 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 730,727 shares. The stock had previously closed at $48.48.

Wall Street Analysts Forecast Growth

SHAK has been the topic of a number of recent analyst reports. Gordon Haskett initiated coverage on Shake Shack in a research note on Tuesday, July 19th. They issued a "hold" rating and a $50.00 price objective on the stock. Cowen cut their price objective on Shake Shack from $52.00 to $48.00 and set a "market perform" rating on the stock in a research note on Friday, August 5th. StockNews.com raised Shake Shack to a "sell" rating in a research note on Tuesday, August 9th. Barclays cut their price objective on Shake Shack to $44.00 in a research note on Tuesday, August 9th. Finally, Oppenheimer dropped their price target on Shake Shack from $75.00 to $69.00 and set an "outperform" rating on the stock in a research note on Monday, August 8th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $66.39.

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Shake Shack Trading Down 0.1 %

The company has a current ratio of 2.89, a quick ratio of 2.86 and a debt-to-equity ratio of 0.57. The business has a 50-day moving average price of $49.32 and a two-hundred day moving average price of $51.74.

Insider Transactions at Shake Shack

In related news, Director Daniel Harris Meyer purchased 21,000 shares of the firm's stock in a transaction that occurred on Monday, July 11th. The stock was acquired at an average price of $39.58 per share, for a total transaction of $831,180.00. Following the completion of the acquisition, the director now owns 576,364 shares of the company's stock, valued at approximately $22,812,487.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Daniel Harris Meyer purchased 21,000 shares of the firm's stock in a transaction that occurred on Monday, July 11th. The stock was acquired at an average price of $39.58 per share, for a total transaction of $831,180.00. Following the completion of the acquisition, the director now owns 576,364 shares of the company's stock, valued at approximately $22,812,487.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Zach Koff sold 5,000 shares of the company's stock in a transaction on Thursday, July 14th. The stock was sold at an average price of $45.00, for a total value of $225,000.00. Following the sale, the chief operating officer now owns 31,085 shares of the company's stock, valued at approximately $1,398,825. The disclosure for this sale can be found here. 9.98% of the stock is owned by insiders.

Institutional Investors Weigh In On Shake Shack

Several institutional investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. grew its stake in Shake Shack by 122.8% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 439 shares of the company's stock valued at $30,000 after purchasing an additional 242 shares during the period. HM Payson & Co. bought a new position in Shake Shack in the 4th quarter valued at $37,000. Parkside Investments LLC bought a new position in Shake Shack in the 1st quarter valued at $47,000. CWM LLC grew its stake in Shake Shack by 52.2% in the 1st quarter. CWM LLC now owns 892 shares of the company's stock valued at $61,000 after purchasing an additional 306 shares during the period. Finally, Prospera Financial Services Inc bought a new position in Shake Shack in the 1st quarter valued at $72,000. Institutional investors own 92.15% of the company's stock.

About Shake Shack

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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 December 29, 2021, it operated 369 Shacks, including 218 domestic company-operated Shacks, 25 domestic licensed Shacks, and 126 international licensed Shacks.