Envestnet Asset Management Inc. Increases Holdings in Shake Shack Inc. (NYSE:SHAK)

Envestnet Asset Management Inc. boosted its holdings in shares of Shake Shack Inc. (NYSE:SHAKGet Rating) by 24.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,213 shares of the company’s stock after purchasing an additional 6,479 shares during the period. Envestnet Asset Management Inc. owned about 0.08% of Shake Shack worth $1,311,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SHAK. Truist Financial Corp increased its holdings in Shake Shack by 5.7% during the 1st quarter. Truist Financial Corp now owns 9,774 shares of the company’s stock valued at $664,000 after purchasing an additional 525 shares during the period. Mutual of America Capital Management LLC increased its holdings in Shake Shack by 5.5% during the 1st quarter. Mutual of America Capital Management LLC now owns 5,640 shares of the company’s stock valued at $383,000 after purchasing an additional 292 shares during the period. DAVENPORT & Co LLC increased its holdings in Shake Shack by 17.5% during the 1st quarter. DAVENPORT & Co LLC now owns 6,085 shares of the company’s stock valued at $413,000 after purchasing an additional 907 shares during the period. State of New Jersey Common Pension Fund D increased its holdings in Shake Shack by 11.3% during the 1st quarter. State of New Jersey Common Pension Fund D now owns 38,140 shares of the company’s stock valued at $2,590,000 after purchasing an additional 3,859 shares during the period. Finally, Victory Capital Management Inc. purchased a new position in Shake Shack during the 1st quarter valued at about $358,000. Hedge funds and other institutional investors own 92.15% of the company’s stock.

Wall Street Analysts Forecast Growth

SHAK has been the topic of a number of research analyst reports. Cowen reduced their price target on Shake Shack from $52.00 to $48.00 and set a “market perform” rating on the stock in a report on Friday, August 5th. Oppenheimer cut their price objective on Shake Shack from $75.00 to $69.00 and set an “outperform” rating on the stock in a research report on Monday, August 8th. BTIG Research cut their price objective on Shake Shack from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, November 7th. Barclays cut their price objective on Shake Shack to $44.00 in a research report on Tuesday, August 9th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Shake Shack from $53.00 to $56.00 and gave the company a “hold” rating in a research report on Monday, November 7th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $61.88.

Shake Shack Stock Performance

Shares of SHAK opened at $47.63 on Tuesday. Shake Shack Inc. has a 52 week low of $37.72 and a 52 week high of $82.50. The stock has a market cap of $2.01 billion, a P/E ratio of -80.73 and a beta of 1.58. The business’s 50 day moving average price is $48.96 and its 200-day moving average price is $47.15. The company has a quick ratio of 2.51, a current ratio of 2.54 and a debt-to-equity ratio of 0.57.

Shake Shack (NYSE:SHAKGet Rating) last announced its quarterly earnings data on Thursday, November 3rd. The company reported ($0.06) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.06). Shake Shack had a negative net margin of 2.67% and a negative return on equity of 3.52%. The company had revenue of $227.81 million during the quarter, compared to analyst estimates of $226.79 million. Equities research analysts anticipate that Shake Shack Inc. will post -0.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Zach Koff sold 3,900 shares of the business’s stock in a transaction that occurred on Friday, October 28th. The shares were sold at an average price of $55.00, for a total value of $214,500.00. Following the completion of the transaction, the chief operating officer now directly owns 31,085 shares in the company, valued at approximately $1,709,675. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 9.98% of the stock is owned by company insiders.

About Shake Shack

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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 December 29, 2021, it operated 369 Shacks, including 218 domestic company-operated Shacks, 25 domestic licensed Shacks, and 126 international licensed Shacks.

Further Reading

Institutional Ownership by Quarter for Shake Shack (NYSE:SHAK)

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