Paloma Partners Management Co Invests $18.63 Million in Shake Shack Inc. (NYSE:SHAK)

Paloma Partners Management Co purchased a new position in shares of Shake Shack Inc. (NYSE:SHAK) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 180,464 shares of the company’s stock, valued at approximately $18,626,000. Shake Shack accounts for 0.5% of Paloma Partners Management Co’s holdings, making the stock its 25th biggest position.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its position in Shake Shack by 9.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 801,003 shares of the company’s stock worth $72,088,000 after buying an additional 66,090 shares in the last quarter. Champlain Investment Partners LLC lifted its position in Shake Shack by 4.7% in the 3rd quarter. Champlain Investment Partners LLC now owns 614,747 shares of the company’s stock worth $63,448,000 after buying an additional 27,707 shares in the last quarter. Armistice Capital LLC lifted its position in Shake Shack by 69.1% in the 2nd quarter. Armistice Capital LLC now owns 579,904 shares of the company’s stock worth $52,191,000 after buying an additional 236,950 shares in the last quarter. Marshall Wace LLP lifted its position in Shake Shack by 101.2% in the 2nd quarter. Marshall Wace LLP now owns 544,336 shares of the company’s stock worth $48,990,000 after buying an additional 273,822 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in Shake Shack by 41.9% in the 2nd quarter. Renaissance Technologies LLC now owns 437,600 shares of the company’s stock worth $39,384,000 after buying an additional 129,200 shares in the last quarter. 86.07% of the stock is owned by hedge funds and other institutional investors.

Shake Shack Stock Performance

NYSE SHAK opened at $133.73 on Monday. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.01 and a quick ratio of 1.98. The firm has a market capitalization of $5.68 billion, a price-to-earnings ratio of 786.65, a P/E/G ratio of 3.04 and a beta of 1.81. The company’s fifty day moving average is $116.51 and its two-hundred day moving average is $102.36. Shake Shack Inc. has a 52-week low of $59.94 and a 52-week high of $134.90.

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

Insiders Place Their Bets

In other news, Director Daniel Harris Meyer sold 10,000 shares of Shake Shack stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $110.08, for a total transaction of $1,100,800.00. Following the sale, the director now directly owns 460,337 shares in the company, valued at approximately $50,673,896.96. The trade was a 2.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Katherine Irene Fogertey sold 321 shares of Shake Shack stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $103.93, for a total transaction of $33,361.53. Following the sale, the chief financial officer now owns 36,180 shares in the company, valued at approximately $3,760,187.40. This trade represents a 0.88 % 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 worth $7,654,856 in the last ninety days. Insiders own 9.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on SHAK shares. Oppenheimer raised their price target on shares of Shake Shack from $122.00 to $135.00 and gave the company an “outperform” rating in a report on Monday, October 28th. Barclays raised their price target on shares of Shake Shack from $115.00 to $125.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. Bank of America raised their price target on shares of Shake Shack from $104.00 to $116.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Piper Sandler downgraded shares of Shake Shack from an “overweight” rating to a “neutral” rating and cut their price target for the company from $121.00 to $114.00 in a report on Monday, August 19th. Finally, TD Cowen restated a “buy” rating and set a $125.00 price target on shares of Shake Shack in a report on Wednesday, September 18th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $112.94.

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.