Bank of America Forecasts Strong Price Appreciation for Shake Shack (NYSE:SHAK) Stock

Shake Shack (NYSE:SHAK) had its target price lifted by equities research analysts at Bank of America from $112.00 to $134.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s price objective indicates a potential downside of 3.22% from the company’s previous close.

Several other analysts also recently weighed in on the stock. JPMorgan Chase & Co. lowered their price target on shares of Shake Shack from $105.00 to $100.00 and set an “underweight” rating for the company in a research note on Monday, May 5th. KeyCorp began coverage on Shake Shack in a research note on Monday, June 2nd. They issued a “sector weight” rating for the company. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $140.00 price target (down from $145.00) on shares of Shake Shack in a research note on Friday, May 2nd. Truist Financial boosted their price objective on Shake Shack from $134.00 to $140.00 and gave the company a “buy” rating in a research report on Thursday, May 15th. Finally, Robert W. Baird increased their price objective on Shake Shack from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $123.95.

Shake Shack Trading Up 3.4%

NYSE SHAK opened at $138.46 on Wednesday. The company has a quick ratio of 1.88, a current ratio of 1.91 and a debt-to-equity ratio of 0.50. The stock’s 50-day simple moving average is $114.37 and its two-hundred day simple moving average is $110.80. Shake Shack has a twelve month low of $72.93 and a twelve month high of $140.97. The company has a market capitalization of $5.91 billion, a price-to-earnings ratio of 494.50, a PEG ratio of 3.17 and a beta of 1.77.

Shake Shack (NYSE:SHAK) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.02). The firm had revenue of $320.90 million for the quarter, compared to analysts’ expectations of $330.24 million. Shake Shack had a net margin of 0.97% and a return on equity of 8.45%. The business’s quarterly revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.13 earnings per share. Research analysts forecast that Shake Shack will post 1.26 EPS for the current fiscal year.

Insider Buying and Selling at Shake Shack

In related news, Director Daniel Harris Meyer sold 10,000 shares of the stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $130.10, for a total transaction of $1,301,000.00. Following the sale, the director now directly owns 396,636 shares of the company’s stock, valued at approximately $51,602,343.60. This represents a 2.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Katherine Irene Fogertey sold 3,956 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $127.49, for a total transaction of $504,350.44. Following the completion of the transaction, the chief financial officer now owns 35,750 shares of the company’s stock, valued at approximately $4,557,767.50. The trade was a 9.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,698 shares of company stock valued at $4,499,820. 9.73% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Nemes Rush Group LLC bought a new position in Shake Shack in the 4th quarter worth $29,000. Harvest Fund Management Co. Ltd purchased a new stake in Shake Shack during the 4th quarter valued at approximately $32,000. Farther Finance Advisors LLC raised its position in shares of Shake Shack by 939.3% during the first quarter. Farther Finance Advisors LLC now owns 291 shares of the company’s stock valued at $26,000 after buying an additional 263 shares during the last quarter. Geneos Wealth Management Inc. purchased a new position in shares of Shake Shack in the first quarter worth $26,000. Finally, Garde Capital Inc. purchased a new position in shares of Shake Shack in the first quarter worth $35,000. 86.07% of the stock is owned by hedge funds and other institutional investors.

Shake Shack Company Profile

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.