Why Shake Shack Stock Soared to All-Time Highs Today
Shares of Shake Shack (NYSE: SHAK) reached all-time highs of $113 per share on Wednesday. Wall Street was relieved by the company's recent business update and thrilled for the future following its presentation at the ICR Conference. Because of this, analysts are raising their outlooks for Shake Shack stock, causing it to soar as much as 11% higher today.
Yesterday, Shake Shack provided investors with preliminary results for the fourth quarter of 2020. Same-store sales in Q4 (which the company affectionately calls "same-Shack sales") were down 17.4%. Normally that would be seen as a devastating quarter. However, it was a marked improvement from the 31.7% decline it reported in the third quarter. Remember, a large percentage of its restaurants are in New York City and other metropolitan areas -- places that still have severe dining restrictions due to the COVID-19 pandemic.
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Source Fool.com
