ProShare Advisors LLC Has $523,000 Holdings in Shake Shack Inc. (NYSE:SHAK)

ProShare Advisors LLC trimmed its position in Shake Shack Inc. (NYSE:SHAK) by 23.6% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 5,814 shares of the company’s stock after selling 1,795 shares during the period. ProShare Advisors LLC’s holdings in Shake Shack were worth $523,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in SHAK. Norges Bank acquired a new stake in shares of Shake Shack during the fourth quarter valued at approximately $12,238,000. Blueshift Asset Management LLC acquired a new stake in Shake Shack during the 4th quarter valued at $408,000. Armistice Capital LLC acquired a new stake in shares of Shake Shack in the fourth quarter worth $11,213,000. AdvisorShares Investments LLC grew its holdings in shares of Shake Shack by 533.8% during the fourth quarter. AdvisorShares Investments LLC now owns 1,781 shares of the company’s stock valued at $132,000 after buying an additional 1,500 shares in the last quarter. Finally, Mark Asset Management LP acquired a new position in Shake Shack during the fourth quarter valued at $739,000. 86.07% of the stock is owned by hedge funds and other institutional investors.

Shake Shack Stock Performance

Shares of NYSE SHAK opened at $103.21 on Tuesday. The business’s 50-day simple moving average is $99.69 and its 200-day simple moving average is $97.50. Shake Shack Inc. has a 52 week low of $52.79 and a 52 week high of $111.29. 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 firm has a market cap of $4.38 billion, a price-to-earnings ratio of 187.66, a P/E/G ratio of 3.13 and a beta of 1.83.

Shake Shack (NYSE:SHAK) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.27 EPS for the quarter, meeting analysts’ consensus estimates of $0.27. The company had revenue of $316.50 million for the quarter, compared to analyst estimates of $314.37 million. Shake Shack had a net margin of 2.23% and a return on equity of 5.63%. The company’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.18 earnings per share. As a group, equities research analysts expect that Shake Shack Inc. will post 0.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Daniel Harris Meyer sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $110.24, for a total value of $1,102,400.00. Following the sale, the director now directly owns 470,437 shares of the company’s stock, valued at $51,860,974.88. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Jeffrey Flug sold 304 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $90.39, for a total transaction of $27,478.56. Following the completion of the transaction, the director now directly owns 3,347 shares in the company, valued at approximately $302,535.33. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Daniel Harris Meyer sold 10,000 shares of the firm’s 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 completion of the sale, the director now owns 470,437 shares in the company, valued at $51,860,974.88. The disclosure for this sale can be found here. Insiders sold a total of 12,313 shares of company stock valued at $1,322,180 in the last quarter. Insiders own 9.73% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Piper Sandler lowered Shake Shack from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $121.00 to $114.00 in a research report on Monday, August 19th. Capital One Financial assumed coverage on shares of Shake Shack in a report on Monday, July 29th. They set an “overweight” rating and a $95.00 price target for the company. Wedbush reiterated a “neutral” rating and issued a $90.00 price objective on shares of Shake Shack in a research note on Thursday, August 1st. The Goldman Sachs Group upped their price objective on shares of Shake Shack from $110.00 to $125.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Finally, Robert W. Baird boosted their price target on shares of Shake Shack from $93.00 to $105.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $107.39.

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.