Wedbush Lowers Shake Shack (SHAK) Price Target to $56.00

Shake Shack (NYSE:SHAK) had its price target lowered by Wedbush from $62.00 to $56.00 in a report published on Friday, November 2nd. Wedbush currently has a neutral rating on the stock. Wedbush also issued estimates for Shake Shack’s Q4 2018 earnings at $0.05 EPS, FY2018 earnings at $0.70 EPS, Q2 2019 earnings at $0.32 EPS, Q3 2019 earnings at $0.22 EPS, Q4 2019 earnings at $0.06 EPS and FY2019 earnings at $0.74 EPS.

Other research analysts have also recently issued reports about the company. Zacks Investment Research cut Shake Shack from a strong-buy rating to a hold rating in a report on Tuesday, October 23rd. Stifel Nicolaus began coverage on Shake Shack in a research report on Tuesday, October 9th. They issued a hold rating and a $65.00 price objective for the company. Barclays lifted their price objective on Shake Shack from $52.00 to $59.00 and gave the stock an equal weight rating in a research report on Monday, August 6th. Cowen reiterated a hold rating and issued a $59.00 price objective on shares of Shake Shack in a research report on Wednesday, July 25th. Finally, Morgan Stanley lifted their price objective on Shake Shack from $47.00 to $51.00 and gave the stock an equal weight rating in a research report on Monday, July 16th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $54.50.

Shares of Shake Shack stock traded up $0.09 during midday trading on Friday, hitting $50.94. The company had a trading volume of 507,965 shares, compared to its average volume of 919,303. The company has a market cap of $1.91 billion, a price-to-earnings ratio of 89.37, a PEG ratio of 3.35 and a beta of 1.36. Shake Shack has a 1-year low of $36.58 and a 1-year high of $70.12.

Shake Shack (NYSE:SHAK) last issued its earnings results on Thursday, November 1st. The company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.13 by $0.08. The firm had revenue of $119.65 million during the quarter, compared to analysts’ expectations of $116.81 million. Shake Shack had a return on equity of 10.64% and a net margin of 0.40%. Shake Shack’s quarterly revenue was up 26.5% compared to the same quarter last year. During the same period last year, the business earned $0.17 earnings per share. On average, analysts anticipate that Shake Shack will post 0.69 earnings per share for the current year.

In other Shake Shack news, Director Jeffrey Flug sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 29th. The stock was sold at an average price of $58.46, for a total value of $1,461,500.00. Following the sale, the director now owns 4,415 shares in the company, valued at approximately $258,100.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Daniel Harris Meyer sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 25th. The shares were sold at an average price of $60.24, for a total value of $602,400.00. Following the completion of the sale, the director now owns 1,032 shares in the company, valued at approximately $62,167.68. The disclosure for this sale can be found here. Insiders sold a total of 1,284,560 shares of company stock valued at $74,700,300 over the last quarter. 30.18% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in SHAK. BlackRock Inc. raised its stake in shares of Shake Shack by 30.4% during the 3rd quarter. BlackRock Inc. now owns 3,800,912 shares of the company’s stock worth $239,495,000 after purchasing an additional 886,216 shares in the last quarter. Wasatch Advisors Inc. acquired a new position in shares of Shake Shack during the 3rd quarter worth approximately $48,819,000. Renaissance Technologies LLC increased its holdings in shares of Shake Shack by 122.4% during the 2nd quarter. Renaissance Technologies LLC now owns 553,200 shares of the company’s stock worth $36,611,000 after acquiring an additional 304,500 shares during the last quarter. Morgan Stanley increased its holdings in shares of Shake Shack by 5.3% during the 2nd quarter. Morgan Stanley now owns 4,130,314 shares of the company’s stock worth $273,344,000 after acquiring an additional 207,141 shares during the last quarter. Finally, Wells Fargo & Company MN increased its holdings in shares of Shake Shack by 576.2% during the 3rd quarter. Wells Fargo & Company MN now owns 235,646 shares of the company’s stock worth $14,848,000 after acquiring an additional 200,799 shares during the last quarter. Institutional investors own 87.50% of the company’s stock.

About Shake Shack

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 October 9, 2018, it operated 180 locations in 26 U.S.

See Also: What is a bull market?

Analyst Recommendations for Shake Shack (NYSE:SHAK)

Receive News & Ratings for Shake Shack Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Shake Shack and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply