Shake Shack Stock Drops Again As Wall Street Cuts Targets After Earnings Miss
Shake Shack shares closed down 8.0% at $64.50 Monday after UBS cut its price target to $79 from $104, extending losses from last week’s first-quarter miss. The company reported a net loss of $290,000 on revenue of $366.7 million, with adjusted EBITDA down 9.3%. Michelle Hook started as CFO Monday as the chain faces rising beef costs and higher expenses.