QNGY - SHAK News: Why Is Shake Shack Stock Down Today? 6 Things to Know.
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Shake Shack (NYSE:SHAK) stock is taking a beating on Friday following the release of the company’s earnings report for the fourth quarter of 2021.
Let’s dive into that report below to see what’s dragging down shares of SHAK stock today!
- Shake Shack’s outlook for the first quarter of 2021 is behind the poor response from investors today.
- The company is looking for revenue to range from $196 million to $201.4 million.
- That’s not stacking up well compared to Wall Street’s revenue estimate of $210.87 million for the period.
- Unfortunately, this is dragging down an otherwise solid earnings report from Shake Shack.
- That includes its adjusted losses per share of 11 cents coming in above analysts’ estimate of -17 cents.
- The company’s revenue of $203.26 million also just scraps past Wall Street’s estimate of $203.25 million.
Randy Garutti, CEO of Shake Shack, had the following to say in the company’s Q4 2021 earnings report.
“We believe that Shake Shack is positioned to manage through ongoing headwinds. With our largest development schedule ever and a healthy balance sheet to support continued investments, we believe we will exit 2022 stronger than where we started and are incredibly excited for this next chapter in the Shake Shack story.”
The earnings news today brings with it heavy trading of SHAK stock. That has some 2 million shares on the move as of this writing. For the record, the company’s daily average trading volume is closer to 838,000 shares.
SHAK stock is down 5.7% as of Friday afternoon.
Investors seeking out more stock market news will want to stick around!
InvestorPlace has all the most recent stock coverage that traders need to know about for Friday! A few examples include details on Fast Radius (NASDAQ:FSRD) stock, what’s going on with shares of Quanergy Systems (NYSE:QNGY) stock, as well as the news slamming DraftKings (NASDAQ:DKNG) stock. You can find out all about these subjects at the links below!
More Friday Stock Market News
- FSRD Stock: 14 Things for Fast Radius Investors to Know as Shares Fly Post-SPAC Merger
- QNGY Stock: Why Lidar Company Quanergy Systems Is Soaring Today
- DKNG Stock: Why Is DraftKings Down Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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