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Shake Shack Stock Jumps After Upgrade Despite EPS, Sales Miss

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  • SHAK

By Sam Boughedda

Investing.com — Shake Shack Inc (NYSE:SHAK) stock gained Friday despite the company missing forecasts on revenue and earnings per share.

The fast-food chain reported an EPS of 5 cents on revenue of $193.9 million. The consensus saw the company's EPS at 6 cents and revenue coming in at $197.5 million. Shake Shack shares finished the day up more than 16%.

Despite the miss, Shake Shack's CEO Randy Garutti said they are "pleased with the positive sales performance seen during the third quarter."

"This quarter marks our highest revenue quarter ever, with total revenues of $193.9 million and system-wide sales of $298.6 million," he added.

BTIG analyst Peter Saleh was also positive on the company's outlook, upgrading the stock to buy from neutral in reaction to the third quarter earnings release.

Saleh said they believe "the company's fundamentals have bottomed with upside trajectory ahead."

Saleh added that the return to work and increase in tourism from mid-November will help drive performance.

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