Norges Bank Makes New Investment in Shake Shack, Inc. $SHAK

Norges Bank purchased a new position in shares of Shake Shack, Inc. (NYSE:SHAK) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 243,100 shares of the company’s stock, valued at approximately $19,732,000. Norges Bank owned about 0.57% of Shake Shack as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. bought a new stake in Shake Shack during the first quarter worth about $26,000. Assetmark Inc. lifted its stake in Shake Shack by 457.6% during the fourth quarter. Assetmark Inc. now owns 368 shares of the company’s stock worth $30,000 after purchasing an additional 302 shares during the last quarter. Murphy & Mullick Capital Management Corp lifted its stake in Shake Shack by 68.5% during the third quarter. Murphy & Mullick Capital Management Corp now owns 418 shares of the company’s stock worth $38,000 after purchasing an additional 170 shares during the last quarter. Advisory Services Network LLC bought a new stake in Shake Shack during the third quarter worth about $38,000. Finally, IFP Advisors Inc lifted its stake in Shake Shack by 6,140.0% during the fourth quarter. IFP Advisors Inc now owns 624 shares of the company’s stock worth $51,000 after purchasing an additional 614 shares during the last quarter. Institutional investors own 86.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Piper Sandler set a $79.00 price target on Shake Shack in a research note on Thursday, May 7th. Guggenheim lowered their target price on Shake Shack from $120.00 to $100.00 and set a “buy” rating for the company in a research note on Monday, May 11th. Zacks Research raised Shake Shack from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. UBS Group reissued a “neutral” rating and issued a $79.00 target price on shares of Shake Shack in a research note on Wednesday, June 3rd. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $76.00 target price (down from $115.00) on shares of Shake Shack in a research note on Wednesday, June 3rd. Sixteen analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Shake Shack presently has an average rating of “Moderate Buy” and a consensus target price of $94.56.

Shake Shack Trading Up 1.5%

NYSE SHAK opened at $53.74 on Wednesday. Shake Shack, Inc. has a 1-year low of $51.60 and a 1-year high of $144.65. The company has a current ratio of 1.69, a quick ratio of 1.66 and a debt-to-equity ratio of 0.45. The stock has a 50-day moving average of $80.10 and a 200-day moving average of $86.03. The firm has a market cap of $2.30 billion, a PE ratio of 54.84, a price-to-earnings-growth ratio of 2.33 and a beta of 1.63.

Insider Buying and Selling at Shake Shack

In other Shake Shack news, Director Sumaiya Balbale purchased 4,068 shares of the stock in a transaction on Friday, May 15th. The stock was acquired at an average price of $61.42 per share, with a total value of $249,856.56. Following the transaction, the director directly owned 13,407 shares of the company’s stock, valued at approximately $823,457.94. This trade represents a 43.56% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert Lynch purchased 5,000 shares of the stock in a transaction on Friday, May 15th. The shares were acquired at an average cost of $60.39 per share, with a total value of $301,950.00. Following the transaction, the chief executive officer directly owned 77,845 shares in the company, valued at $4,701,059.55. The trade was a 6.86% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 50,616 shares of company stock worth $3,109,782 over the last three months. 8.32% of the stock is owned by corporate insiders.

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.