Cannell & Spears LLC Purchases 97,446 Shares of Shake Shack, Inc. $SHAK

Cannell & Spears LLC increased its position in Shake Shack, Inc. (NYSE:SHAK) by 27.4% during the 1st quarter, Holdings Channel reports. The institutional investor owned 452,694 shares of the company’s stock after purchasing an additional 97,446 shares during the period. Cannell & Spears LLC’s holdings in Shake Shack were worth $40,022,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SHAK. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Shake Shack in the 1st quarter worth $19,774,000. Gamco Investors INC. ET AL increased its position in shares of Shake Shack by 6.7% in the first quarter. Gamco Investors INC. ET AL now owns 6,743 shares of the company’s stock valued at $597,000 after acquiring an additional 426 shares during the period. Public Employees Retirement System of Ohio raised its stake in shares of Shake Shack by 36.0% during the first quarter. Public Employees Retirement System of Ohio now owns 21,629 shares of the company’s stock valued at $1,914,000 after acquiring an additional 5,721 shares during the last quarter. Sei Investments Co. raised its stake in shares of Shake Shack by 187.7% during the first quarter. Sei Investments Co. now owns 41,683 shares of the company’s stock valued at $3,688,000 after acquiring an additional 27,194 shares during the last quarter. Finally, State of Wyoming boosted its holdings in shares of Shake Shack by 52.8% during the first quarter. State of Wyoming now owns 1,841 shares of the company’s stock worth $163,000 after purchasing an additional 636 shares during the period. 86.07% of the stock is currently owned by institutional investors.

Shake Shack Price Performance

Shares of NYSE SHAK opened at $57.09 on Friday. Shake Shack, Inc. has a 1 year low of $51.60 and a 1 year high of $142.20. The stock has a market capitalization of $2.44 billion, a P/E ratio of 58.25, a P/E/G ratio of 4.33 and a beta of 1.63. The company’s 50-day moving average is $57.99 and its 200 day moving average is $79.96. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.69 and a quick ratio of 1.66.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Citigroup reissued a “buy” rating on shares of Shake Shack in a research note on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft dropped their price objective on Shake Shack from $105.00 to $93.00 and set a “buy” rating for the company in a report on Thursday, July 9th. TD Cowen reiterated a “hold” rating and issued a $70.00 price objective on shares of Shake Shack in a research report on Wednesday, June 3rd. Mizuho set a $100.00 target price on Shake Shack in a research note on Friday, May 8th. Finally, Raymond James Financial downgraded Shake Shack from a “strong-buy” rating to an “outperform” rating and decreased their target price for the company from $125.00 to $85.00 in a report on Wednesday, June 3rd. Fifteen research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Shake Shack has a consensus rating of “Hold” and a consensus target price of $89.39.

Insider Buying and Selling at Shake Shack

In other news, CEO Robert Lynch bought 5,000 shares of the firm’s stock in a transaction dated Friday, May 15th. The stock was purchased at an average price of $60.39 per share, with a total value of $301,950.00. Following the transaction, the chief executive officer owned 77,845 shares of the company’s stock, valued at approximately $4,701,059.55. The trade was a 6.86% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sumaiya Balbale bought 4,068 shares of the stock in a transaction dated Friday, May 15th. The stock was purchased at an average price of $61.42 per share, with a total value of $249,856.56. Following the purchase, the director owned 13,407 shares in the company, valued at $823,457.94. This trade represents a 43.56% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders purchased 50,616 shares of company stock worth $3,109,782. Insiders own 8.32% of the company’s stock.

Shake Shack Company Profile

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.