Wedbush reaffirmed their underperform rating on shares of Shake Shack Inc. (NYSE:SHAK) in a research note released on Saturday. Wedbush currently has a $28.00 price target on the stock, down from their previous price target of $39.00.

SHAK has been the topic of several other research reports. Zacks Investment Research raised shares of Shake Shack from a hold rating to a buy rating and set a $38.00 price objective on the stock in a research note on Wednesday, October 5th. Buckingham Research reissued a buy rating and issued a $45.00 target price on shares of Shake Shack in a research report on Saturday, August 13th. Vetr raised shares of Shake Shack from a buy rating to a strong-buy rating and set a $39.64 target price on the stock in a research report on Monday, September 5th. JPMorgan Chase & Co. reissued a neutral rating and issued a $38.00 target price (up from $35.00) on shares of Shake Shack in a research report on Thursday, August 11th. Finally, Jefferies Group reissued a hold rating and issued a $36.00 target price (down from $38.00) on shares of Shake Shack in a research report on Thursday, August 11th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $39.73.

Shake Shack (NYSE:SHAK) traded up 0.28% during trading on Friday, reaching $32.30. 370,113 shares of the company’s stock were exchanged. The company’s 50 day moving average price is $34.51 and its 200-day moving average price is $36.42. Shake Shack has a 52 week low of $30.00 and a 52 week high of $53.50. The stock has a market capitalization of $773.68 million, a price-to-earnings ratio of 79.75 and a beta of 1.15.

Shake Shack (NYSE:SHAK) last released its quarterly earnings results on Wednesday, August 10th. The company reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. Shake Shack had a net margin of 3.35% and a return on equity of 8.09%. The company had revenue of $66.50 million for the quarter, compared to the consensus estimate of $63.07 million. During the same period in the previous year, the firm earned $0.09 EPS. Shake Shack’s revenue was up 37.1% on a year-over-year basis. On average, equities analysts expect that Shake Shack will post $0.45 EPS for the current year.

In other news, major shareholder Laura J. Sloate sold 2,500 shares of the business’s stock in a transaction on Tuesday, September 27th. The shares were sold at an average price of $35.50, for a total value of $88,750.00. Following the completion of the sale, the insider now directly owns 20,000 shares in the company, valued at $710,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Laura J. Sloate sold 5,000 shares of the business’s stock in a transaction on Friday, September 23rd. The stock was sold at an average price of $35.24, for a total transaction of $176,200.00. Following the completion of the sale, the insider now owns 26,000 shares of the company’s stock, valued at $916,240. The disclosure for this sale can be found here. 44.69% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of the company. Gilder Gagnon Howe & Co. LLC boosted its stake in shares of Shake Shack by 20.6% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 1,720,760 shares of the company’s stock worth $62,687,000 after buying an additional 294,113 shares during the last quarter. Lord Abbett & CO. LLC boosted its stake in shares of Shake Shack by 223.7% in the second quarter. Lord Abbett & CO. LLC now owns 1,061,520 shares of the company’s stock worth $38,671,000 after buying an additional 733,625 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Shake Shack by 270.0% in the second quarter. Vanguard Group Inc. now owns 937,625 shares of the company’s stock worth $34,157,000 after buying an additional 684,234 shares during the last quarter. Blair William & Co. IL boosted its stake in shares of Shake Shack by 111.6% in the second quarter. Blair William & Co. IL now owns 489,933 shares of the company’s stock worth $17,848,000 after buying an additional 258,341 shares during the last quarter. Finally, BlackRock Fund Advisors boosted its stake in shares of Shake Shack by 168.6% in the second quarter. BlackRock Fund Advisors now owns 368,818 shares of the company’s stock worth $13,436,000 after buying an additional 231,532 shares during the last quarter. Institutional investors and hedge funds own 93.41% of the company’s stock.

About Shake Shack

Shake Shack Inc operates roadside burger stands. The Company serves an American menu of burgers, hot dogs, crispy chicken, frozen custard, crinkle cut fries, shakes, beer and wine, among others. The Company has approximately 84 Shacks in over 10 countries and approximately 45 cities. The Company’s signature items are its all-natural, hormone and antibiotic-free burgers, hot dogs, crispy chicken, crinkle cut fries, shakes and frozen custard.

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