DA Davidson Reaffirms Buy Rating for Shake Shack (NYSE:SHAK)

Shake Shack (NYSE:SHAK)‘s stock had its “buy” rating reaffirmed by equities researchers at DA Davidson in a note issued to investors on Monday,Benzinga reports. They presently have a $70.00 price target on the stock. DA Davidson’s target price indicates a potential upside of 26.26% from the company’s current price.

Several other brokerages also recently commented on SHAK. Oppenheimer set a $82.00 price objective on Shake Shack and gave the stock an “outperform” rating in a research note on Tuesday, June 2nd. Zacks Research raised Shake Shack from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Citigroup reaffirmed a “buy” rating on shares of Shake Shack in a research report on Wednesday, June 3rd. Guggenheim reduced 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. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $66.00 price target on shares of Shake Shack in a report on Tuesday, June 2nd. Fifteen research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Shake Shack presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.00.

Shake Shack Stock Down 2.5%

Shake Shack stock opened at $55.44 on Monday. Shake Shack has a fifty-two week low of $51.60 and a fifty-two week high of $144.65. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.69 and a quick ratio of 1.66. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of 57.56, a PEG ratio of 2.52 and a beta of 1.63. The company’s 50 day simple moving average is $70.46 and its 200 day simple moving average is $83.52.

Insiders Place Their Bets

In other news, Director Sumaiya Balbale bought 4,068 shares of the stock in a transaction that occurred 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 completion of the purchase, the director directly owned 13,407 shares of the company’s stock, valued at approximately $823,457.94. This represents a 43.56% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Daniel Harris Meyer bought 32,258 shares of the stock in a transaction on Friday, May 15th. The stock was acquired at an average price of $61.88 per share, with a total value of $1,996,125.04. Following the completion of the acquisition, the director owned 378,670 shares of the company’s stock, valued at $23,432,099.60. This represents a 9.31% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have acquired 50,616 shares of company stock worth $3,109,782. Company insiders own 8.32% of the company’s stock.

Hedge Funds Weigh In On Shake Shack

A number of large investors have recently modified their holdings of the company. Hilton Head Capital Partners LLC bought a new stake in Shake Shack during the 4th quarter valued at $25,000. Geneos Wealth Management Inc. bought a new stake in shares of Shake Shack during the first quarter worth about $26,000. Assetmark Inc. raised its stake in shares of Shake Shack by 457.6% in 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. UMB Bank n.a. lifted its stake in Shake Shack by 42.2% during the 4th quarter. UMB Bank n.a. now owns 391 shares of the company’s stock valued at $32,000 after acquiring an additional 116 shares in the last quarter. Finally, Advisory Services Network LLC bought a new stake in Shake Shack in the 3rd quarter worth about $38,000. 86.07% of the stock is currently owned by institutional investors.

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.