Cinctive Capital Management LP Cuts Stake in Shake Shack Inc. (NYSE:SHAK)

Cinctive Capital Management LP lessened its stake in Shake Shack Inc. (NYSE:SHAK) by 19.9% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 36,433 shares of the company’s stock after selling 9,072 shares during the quarter. Cinctive Capital Management LP’s holdings in Shake Shack were worth $3,760,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mowery & Schoenfeld Wealth Management LLC bought a new stake in Shake Shack in the 3rd quarter valued at $41,000. Quest Partners LLC purchased a new stake in shares of Shake Shack in the second quarter worth about $38,000. Kimelman & Baird LLC bought a new position in Shake Shack during the second quarter valued at approximately $45,000. Covestor Ltd boosted its stake in Shake Shack by 41.6% during the third quarter. Covestor Ltd now owns 698 shares of the company’s stock valued at $72,000 after buying an additional 205 shares during the last quarter. Finally, CWM LLC grew its holdings in Shake Shack by 24.7% during the 2nd quarter. CWM LLC now owns 1,046 shares of the company’s stock valued at $94,000 after buying an additional 207 shares in the last quarter. Institutional investors own 86.07% of the company’s stock.

Insider Buying and Selling

In other Shake Shack news, CFO Katherine Irene Fogertey sold 321 shares of Shake Shack stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $98.57, for a total transaction of $31,640.97. Following the completion of the sale, the chief financial officer now directly owns 36,822 shares of the company’s stock, valued at $3,629,544.54. The trade was a 0.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Daniel Harris Meyer sold 30,000 shares of Shake Shack stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $121.79, for a total value of $3,653,700.00. Following the completion of the sale, the director now owns 407,646 shares of the company’s stock, valued at $49,647,206.34. The trade was a 6.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 63,433 shares of company stock valued at $7,654,856 in the last 90 days. Company insiders own 9.73% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Bank of America upped their price objective on Shake Shack from $104.00 to $116.00 and gave the stock a “neutral” rating in a report on Monday, August 19th. Piper Sandler lowered shares of Shake Shack from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $121.00 to $114.00 in a research report on Monday, August 19th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $115.00 price objective on shares of Shake Shack in a research note on Wednesday, August 28th. Barclays upped their target price on shares of Shake Shack from $115.00 to $125.00 and gave the company an “equal weight” rating in a research report on Thursday, October 31st. Finally, Truist Financial lifted their price target on Shake Shack from $127.00 to $144.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $112.94.

Shake Shack Trading Down 0.2 %

Shares of NYSE SHAK opened at $133.50 on Tuesday. Shake Shack Inc. has a fifty-two week low of $60.84 and a fifty-two week high of $135.76. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.98 and a current ratio of 2.01. The company has a market cap of $5.67 billion, a price-to-earnings ratio of 785.29, a PEG ratio of 3.04 and a beta of 1.85. The business’s 50 day moving average price is $117.05 and its 200-day moving average price is $102.58.

Shake Shack (NYSE:SHAK) last released its earnings results on Wednesday, October 30th. The company reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.05. Shake Shack had a return on equity of 6.28% and a net margin of 0.68%. The business had revenue of $316.92 million for the quarter, compared to analyst estimates of $316.03 million. During the same quarter last year, the firm posted $0.17 earnings per share. The business’s revenue was up 14.7% compared to the same quarter last year. On average, sell-side analysts expect that Shake Shack Inc. will post 0.82 earnings per share for the current year.

About Shake Shack

Shake Shack Inc owns, operates, and licenses Shake Shack restaurants (Shacks) in the United States and internationally. Its Shacks offers hamburgers, chicken, hot dogs, crinkle cut fries, shakes, frozen custard, beer, wine, and other products. The company was founded in 2001 and is headquartered in New York, New York.