The stock of Shake Shack Inc. (NYSE:SHAK) is now priced at $48.55 and the shares are -6.67 points down or -12.08% lower compared to its previous closing price of $55.22. The stock had 5.88 million contracts set over the past session. SHAK shares’ daily volume is compared to its average trading volume at 1.473 million shares. However, it has a float of 32.52 million and although its performance was -6.33% over the week, it’s one to watch. Analysts have given the SHAK stock a yearly average price target of $51 per share. It means the stock’s upside potential is 5.05% with the SHAK share price recently placing at $47.13 to $53.28. However, some brokerage firms have priced the stock below the average, including one that has called $45.
The shorts are running away from the Shake Shack Inc. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the SHAK shares have declined. Short interest in the stock represents just 26.52% of its float, but the volume has dropped by 0.
In the last trading session, Shake Shack Inc. (NYSE:SHAK) dropped by -$3.28 over the week and lost -$5.09 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $105.84. The stock recorded its established 52-week high on 09/05/19.
Since 03/17/20, the stock has traded to a low of $30.01 at 61.78%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.7. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Shake Shack Inc.’s two-week RSI is 42.49. This suggests that the stock is neutral at the moment and that SHAK shares’ price movement remains stable. The stochastic readings are equally revealing at 66.14% meaning the SHAK share price is currently in neutral territory.
The technical chart shows that the SHAK stock will likely settle at between $52.18 and $55.8 per share. However, if the stock dips below $46.03, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $43.5.
Currently, the stock is trading in the green of MACD, with a reading of 0.68. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned SHAK a rating of Neutral in their intiating review released on April 21. Credit Suisse analysts downgraded their recommendation of the stock from Outperform to Neutral while keeping its target price at $76 to $40 in a flash note released to investors on April 03. Goldman seeing the stock struggling downgraded it from Buy to Neutral on March 20 placing it at $100 to $40.
The average rating for the SHAK equity is 2.95 and is currently gathering a bullish momentum. Of 19 analysts tracking Shake Shack Inc. polled by Reuters, 15 rated SHAK as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (2) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the SHAK stock price is 191.14X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 110.4 above the group’s average of 36.1.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Shake Shack Inc. (NYSE:SHAK) will decrease by about -99.91%, which will see them reach $133.86 million. The company’s full-year revenues are, however, expected to diminish by about -11.48%, down from $594.52 million to $526.25 million. SHAK’s expected adjusted earnings should drop almost -138.46% to end up at -$0.1 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -166.67% to record -$0.48/share.