Renaissance Technologies LLC Acquires 129,200 Shares of Shake Shack Inc. (NYSE:SHAK)

Renaissance Technologies LLC increased its stake in Shake Shack Inc. (NYSE:SHAK) by 41.9% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 437,600 shares of the company’s stock after acquiring an additional 129,200 shares during the quarter. Renaissance Technologies LLC owned 1.03% of Shake Shack worth $39,384,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Norges Bank bought a new stake in Shake Shack in the fourth quarter valued at $12,238,000. Jennison Associates LLC acquired a new position in Shake Shack during the 1st quarter worth approximately $16,365,000. Armistice Capital LLC bought a new position in Shake Shack in the fourth quarter worth approximately $11,213,000. Dimensional Fund Advisors LP grew its stake in Shake Shack by 9.0% in the second quarter. Dimensional Fund Advisors LP now owns 801,003 shares of the company’s stock valued at $72,088,000 after acquiring an additional 66,090 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in shares of Shake Shack by 31.4% during the fourth quarter. Principal Financial Group Inc. now owns 263,256 shares of the company’s stock valued at $19,513,000 after acquiring an additional 62,897 shares in the last quarter. Institutional investors and hedge funds own 86.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SHAK. Morgan Stanley cut their target price on Shake Shack from $108.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 16th. Piper Sandler cut shares of Shake Shack from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $121.00 to $114.00 in a research report on Monday, August 19th. Robert W. Baird boosted their price objective on Shake Shack from $93.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. 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. Finally, Capital One Financial initiated coverage on Shake Shack in a report on Monday, July 29th. They set an “overweight” rating and a $95.00 price target for the company. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $107.56.

Shake Shack Stock Performance

NYSE SHAK opened at $103.91 on Thursday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.03 and a current ratio of 2.06. The company has a market capitalization of $4.40 billion, a PE ratio of 188.93, a price-to-earnings-growth ratio of 3.02 and a beta of 1.83. Shake Shack Inc. has a 52-week low of $52.79 and a 52-week high of $111.29. The company has a 50-day simple moving average of $96.01 and a 200 day simple moving average of $97.31.

Shake Shack (NYSE:SHAK) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.27 EPS for the quarter, hitting analysts’ consensus estimates of $0.27. Shake Shack had a net margin of 2.23% and a return on equity of 5.63%. The company had revenue of $316.50 million for the quarter, compared to analysts’ expectations of $314.37 million. During the same quarter in the previous year, the firm posted $0.18 EPS. Shake Shack’s revenue was up 16.4% on a year-over-year basis. On average, research analysts predict that Shake Shack Inc. will post 0.73 EPS for the current year.

Insider Activity

In related news, CFO Katherine Irene Fogertey sold 963 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $96.03, for a total value of $92,476.89. Following the sale, the chief financial officer now directly owns 37,464 shares in the company, valued at approximately $3,597,667.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Shake Shack news, Director Daniel Harris Meyer sold 10,000 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $110.24, for a total transaction of $1,102,400.00. Following the sale, the director now owns 470,437 shares in the company, valued at $51,860,974.88. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Katherine Irene Fogertey sold 963 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $96.03, for a total value of $92,476.89. Following the completion of the transaction, the chief financial officer now directly owns 37,464 shares of the company’s stock, valued at $3,597,667.92. The disclosure for this sale can be found here. Insiders have sold 12,213 shares of company stock valued at $1,311,175 in the last 90 days. Insiders own 9.73% of the company’s stock.

Shake Shack Company Profile

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.