Longitude Cayman Ltd. Sells 54,000 Shares of Shake Shack Inc. (NYSE:SHAK)

Longitude Cayman Ltd. lessened its holdings in Shake Shack Inc. (NYSE:SHAK - Free Report) by 90.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,000 shares of the company's stock after selling 54,000 shares during the quarter. Longitude Cayman Ltd.'s holdings in Shake Shack were worth $445,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio purchased a new stake in Shake Shack during the third quarter worth $1,700,000. Raymond James Financial Services Advisors Inc. grew its position in shares of Shake Shack by 60.7% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 77,901 shares of the company's stock valued at $5,774,000 after acquiring an additional 29,431 shares during the period. Lisanti Capital Growth LLC purchased a new position in shares of Shake Shack in the 4th quarter valued at about $2,784,000. California Public Employees Retirement System raised its holdings in Shake Shack by 14.6% in the 3rd quarter. California Public Employees Retirement System now owns 67,466 shares of the company's stock worth $3,918,000 after purchasing an additional 8,615 shares during the period. Finally, Aigen Investment Management LP purchased a new position in Shake Shack during the third quarter worth approximately $216,000. 86.07% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Jeffrey Flug sold 304 shares of Shake Shack stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $108.05, for a total value of $32,847.20. Following the sale, the director now directly owns 4,058 shares in the company, valued at approximately $438,466.90. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Shake Shack news, Director Daniel Harris Meyer sold 40,000 shares of the company's stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $106.34, for a total value of $4,253,600.00. Following the transaction, the director now owns 480,437 shares in the company, valued at approximately $51,089,670.58. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Jeffrey Flug sold 304 shares of the company's stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $108.05, for a total transaction of $32,847.20. Following the completion of the transaction, the director now owns 4,058 shares in the company, valued at approximately $438,466.90. The disclosure for this sale can be found here. Insiders have sold a total of 70,608 shares of company stock valued at $7,321,361 in the last quarter. Insiders own 10.06% of the company's stock.

Shake Shack Stock Performance

SHAK traded down $2.30 during trading on Friday, hitting $99.16. The stock had a trading volume of 483,083 shares, compared to its average volume of 851,395. The firm has a market capitalization of $4.20 billion, a P/E ratio of 180.29, a PEG ratio of 4.91 and a beta of 1.78. The company's 50-day moving average price is $102.29 and its 200 day moving average price is $83.90. Shake Shack Inc. has a twelve month low of $52.79 and a twelve month high of $111.29. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.99 and a current ratio of 2.03.

Shake Shack (NYSE:SHAK - Get Free Report) last released its earnings results on Thursday, May 2nd. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.03. Shake Shack had a return on equity of 4.86% and a net margin of 2.08%. The firm had revenue of $290.50 million for the quarter, compared to the consensus estimate of $291.00 million. The firm's revenue for the quarter was up 14.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.01) earnings per share. On average, equities research analysts forecast that Shake Shack Inc. will post 0.74 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on SHAK. Wedbush upped their target price on Shake Shack from $100.00 to $110.00 and gave the stock a "neutral" rating in a research note on Friday, May 3rd. Robert W. Baird lifted their target price on shares of Shake Shack from $102.00 to $105.00 and gave the company a "neutral" rating in a research report on Friday, May 3rd. Raymond James boosted their target price on shares of Shake Shack from $90.00 to $115.00 and gave the stock a "strong-buy" rating in a research note on Friday, February 16th. Barclays raised their price target on shares of Shake Shack from $92.00 to $108.00 and gave the company an "equal weight" rating in a research note on Friday, May 3rd. Finally, Morgan Stanley boosted their price objective on Shake Shack from $88.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Friday, April 12th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Shake Shack currently has an average rating of "Hold" and an average price target of $98.35.

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.