{"id":22656,"date":"2023-06-14T16:37:33","date_gmt":"2023-06-14T20:37:33","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/shake-shack-stock-has-yet-to-hit-its-top\/"},"modified":"2023-06-14T16:37:34","modified_gmt":"2023-06-14T20:37:34","slug":"shake-shack-stock-has-yet-to-hit-its-top","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=22656","title":{"rendered":"Shake Shack Stock Has Yet to Hit its Top"},"content":{"rendered":"
\n

Shake Shack stock is enjoying a boost this afternoon, following a bull note out of Piper Sandler. The analyst initiated coverage with an \u201coverweight\u201d recommendation, citing an expectation that the limited restaurant service sector will continue to take share from full-service peers. At last glance, SHAK is up 2.9% at $72.16, earlier touching a 15-month peak of $72.85. Year-to-date, the fast-food chain has added over 75%, with long-term support appearing at the 120-day moving average. Even more fresh highs could be on the horizon, per historical data.<\/p>\n

In fact, while it sits at a fresh 15-month high, SHAK is also seeing historically low implied volatility (IV), which has been a bullish combination in the past. Data from Senior Quantitative Analyst Rocky White shows three other signals during the last five years when the security was trading within 2% of its 52-week high, while its Schaeffer’s Volatility Index (SVI) sat in the 20th percentile of its annual range or lower. This is currently the case with SHAK\u2019s SVI of 33%, which sits in the lowest percentile of its annual range. One month after these signals, the stock was higher 100% of the time, averaging an 18% return.<\/p>\n

Shake Shack stock is looking ripe for even more upgrades and\/or price target hikes. Heading into Wednesday, nine of the 14 covering brokerage firms sport a \u201chold\u201d or \u201cstrong sell\u201d rating, and the security\u2019s average 12-month price target of $69.73 comes in at a discount to current levels.<\/p>\n

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Shorts look to be getting rid of their bearish bets already. During the last two reporting periods short interest has backpedaled more than 30%, though it still accounts for 6.9% of the stock\u2019s total available float. At the equity\u2019s average pace of daily trading, it would take shorts just over three days to buy back these bearish bets.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shake Shack stock is enjoying a boost this afternoon, following a bull note out of Piper Sandler. The analyst initiated coverage with an \u201coverweight\u201d recommendation, citing an expectation that the limited restaurant service sector will continue to take share from full-service peers. At last glance, SHAK is up 2.9% at $72.16, earlier touching a 15-month […]<\/p>\n","protected":false},"author":1,"featured_media":22657,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-22656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"\nShake Shack Stock Has Yet to Hit its Top | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Shake Shack stock is enjoying a boost this afternoon, following a bull note out of Piper Sandler. 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