JPMorgan Chase & Co. Cuts Shake Shack (NYSE:SHAK) Price Target to $75.00

Shake Shack (NYSE:SHAK) had its price target reduced by JPMorgan Chase & Co. from $77.00 to $75.00 in a research note released on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Other equities research analysts also recently issued reports about the company. Weiss Ratings raised Shake Shack from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, September 9th. Seaport Research Partners initiated coverage on shares of Shake Shack in a research note on Wednesday, September 16th. They issued a “neutral” rating on the stock. Jefferies Financial Group reissued a “hold” rating and set a $66.00 price objective on shares of Shake Shack in a research report on Tuesday, June 2nd. TD Cowen restated a “hold” rating on shares of Shake Shack in a research note on Wednesday, August 5th. Finally, UBS Group cut their price target on shares of Shake Shack from $79.00 to $68.00 and set a “neutral” rating on the stock in a report on Monday, August 3rd. Sixteen research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $87.22.

Shake Shack Price Performance

Shares of SHAK opened at $60.14 on Tuesday. Shake Shack has a fifty-two week low of $51.60 and a fifty-two week high of $107.46. The firm’s 50-day simple moving average is $65.83 and its two-hundred day simple moving average is $70.45. The stock has a market cap of $2.57 billion, a PE ratio of 63.98, a price-to-earnings-growth ratio of 6.42 and a beta of 1.68. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.64 and a current ratio of 1.67.

Shake Shack (NYSE:SHAK) last released its earnings results on Wednesday, August 5th. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.12. Shake Shack had a net margin of 2.56% and a return on equity of 9.29%. The firm had revenue of $417.62 million during the quarter, compared to analyst estimates of $417.18 million. During the same period last year, the business earned $0.44 earnings per share. The business’s revenue was up 17.2% on a year-over-year basis. Analysts anticipate that Shake Shack will post 1.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shake Shack

A number of institutional investors and hedge funds have recently made changes to their positions in the business. 12 West Capital Management LP lifted its holdings in shares of Shake Shack by 12.0% in the 4th quarter. 12 West Capital Management LP now owns 1,963,595 shares of the company’s stock valued at $159,385,000 after acquiring an additional 210,000 shares during the last quarter. Bank of America Corp DE raised its holdings in Shake Shack by 9.3% during the 1st quarter. Bank of America Corp DE now owns 899,013 shares of the company’s stock valued at $79,536,000 after buying an additional 76,724 shares during the period. Dimensional Fund Advisors LP lifted its position in Shake Shack by 2.5% in the first quarter. Dimensional Fund Advisors LP now owns 670,111 shares of the company’s stock worth $59,276,000 after buying an additional 16,439 shares during the last quarter. Cannell & Spears LLC increased its position in Shake Shack by 27.4% during the first quarter. Cannell & Spears LLC now owns 452,694 shares of the company’s stock valued at $40,022,000 after acquiring an additional 97,446 shares during the last quarter. Finally, Wasatch Advisors LP increased its position in Shake Shack by 16.5% during the first quarter. Wasatch Advisors LP now owns 407,283 shares of the company’s stock valued at $36,032,000 after acquiring an additional 57,612 shares during the last quarter. Hedge funds and other institutional investors own 86.07% of the company’s stock.

About Shake Shack

Shake Shack Inc operates a fast-casual restaurant brand known for made-to-order burgers, chicken sandwiches, hot dogs, crinkle-cut fries, frozen custard, milkshakes, and beverages including beer and wine at select locations. Its menu emphasizes premium ingredients and includes vegetarian and other non-meat options.

The company began as a seasonal hot dog cart in Madison Square Park in New York City in 2001 and opened its first permanent restaurant there in 2004. Shake Shack has since expanded through a combination of company-operated and licensed restaurants, with locations across the United States and in international markets, including parts of Asia, Europe and the Middle East.

Shake Shack also offers digital ordering, delivery, catering and merchandise.