Wesbanco Bank Inc. purchased a new stake in Shake Shack, Inc. (NYSE:SHAK – Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 16,000 shares of the company’s stock, valued at approximately $1,416,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Swedbank AB acquired a new position in shares of Shake Shack in the fourth quarter worth approximately $84,092,000. Adage Capital Partners GP L.L.C. acquired a new stake in Shake Shack during the 4th quarter valued at approximately $40,829,000. Wellington Management Group LLP increased its position in Shake Shack by 21.0% during the 3rd quarter. Wellington Management Group LLP now owns 2,590,911 shares of the company’s stock valued at $242,535,000 after purchasing an additional 450,406 shares during the period. Marshall Wace LLP raised its holdings in Shake Shack by 285.2% during the 3rd quarter. Marshall Wace LLP now owns 586,999 shares of the company’s stock worth $54,949,000 after purchasing an additional 434,625 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in Shake Shack during the 4th quarter worth approximately $20,455,000. Institutional investors and hedge funds own 86.07% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research firms have recently commented on SHAK. Bank of America raised shares of Shake Shack from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $88.00 to $101.00 in a research note on Tuesday, March 31st. Gordon Haskett lowered their target price on shares of Shake Shack from $90.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, June 3rd. Wall Street Zen lowered shares of Shake Shack from a “hold” rating to a “strong sell” rating in a report on Saturday, May 16th. Wolfe Research started coverage on shares of Shake Shack in a research report on Monday, March 9th. They set an “outperform” rating and a $118.00 price target on the stock. Finally, Wells Fargo & Company decreased their price target on Shake Shack from $80.00 to $65.00 and set an “equal weight” rating for the company in a report on Wednesday, June 3rd. Fifteen analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Shake Shack has a consensus rating of “Moderate Buy” and a consensus price target of $91.00.
Insider Activity at Shake Shack
In other news, Director Jeffrey Flug bought 1,000 shares of Shake Shack stock in a transaction dated Friday, May 15th. The stock was bought at an average cost of $61.30 per share, for a total transaction of $61,300.00. Following the purchase, the director directly owned 5,470 shares in the company, valued at approximately $335,311. This represents a 22.37% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert Lynch bought 5,000 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The stock was purchased at an average cost of $60.39 per share, with a total value of $301,950.00. Following the completion of the transaction, the chief executive officer directly owned 77,845 shares in the company, valued at $4,701,059.55. This represents a 6.86% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have purchased 50,616 shares of company stock worth $3,109,782. 8.32% of the stock is currently owned by insiders.
Shake Shack Stock Up 2.8%
Shares of NYSE SHAK opened at $56.76 on Friday. The company has a quick ratio of 1.66, a current ratio of 1.69 and a debt-to-equity ratio of 0.45. The firm has a market cap of $2.43 billion, a PE ratio of 57.92, a P/E/G ratio of 2.52 and a beta of 1.63. The company’s fifty day simple moving average is $70.46 and its 200 day simple moving average is $83.48. Shake Shack, Inc. has a 12-month low of $51.60 and a 12-month high of $144.65.
About Shake Shack
Shake Shack, Inc (NYSE: SHAK) is a publicly traded hospitality company known for its modern take on the classic American roadside burger stand. The company operates a chain of quick-casual restaurants offering premium hamburgers, hot dogs, crinkle-cut fries, frozen custard, milkshakes and a curated selection of beer and wine. Shake Shack emphasizes high-quality ingredients, including 100% all-natural Angus beef with no hormones or antibiotics, and works with local suppliers where possible to maintain its commitment to fresh, responsibly sourced food.
Shake Shack traces its origins to a hot dog cart opened in New York City’s Madison Square Park in 2001 by Danny Meyer’s Union Square Hospitality Group.
Recommended Stories
- Five stocks we like better than Shake Shack
- 3 Stocks That Could Benefit as the Robotaxi Race Heats Up
- 3 Waste Stocks Turning AI Investments into Growth
- 3 Overlooked Tech ETFs That Are Quietly Killing It This Year
- 3 ETFs Pairing Market-Beating Returns With High Dividend Yields
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.
