SHAKE SHACK INC SHAK
CL A · Common Stock · CUSIP 819047101 · ISIN US8190471016
Fast casual burger restaurant
- SectorConsumer discretionary
- IndustryRetail-Eating & Drinking Places
- HeadquartersNew York, NY
- Founded2004
- Websiteshakeshack.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($3.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $88.18. Options: 22 managers hold calls ($87.2m notional), 24 hold puts ($117.0m).
Trends to Q1 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 257 |
| Q4 2022 | 254 |
| Q1 2023 | 262 |
| Q2 2023 | 288 |
| Q3 2023 | 296 |
| Q4 2023 | 286 |
| Q1 2024 | 352 |
| Q2 2024 | 343 |
| Q3 2024 | 346 |
| Q4 2024 | 370 |
| Q1 2025 | 369 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2023 | 133 | 132 |
| Q3 2023 | 138 | 142 |
| Q4 2023 | 123 | 150 |
| Q1 2024 | 194 | 140 |
| Q2 2024 | 164 | 162 |
| Q3 2024 | 170 | 155 |
| Q4 2024 | 184 | 162 |
| Q1 2025 | 197 | 180 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2024 | $83.0m | $132.8m | 1.60 |
| Q3 2024 | $94.1m | $138.0m | 1.47 |
| Q4 2024 | $182.7m | $259.4m | 1.42 |
| Q1 2025 | $87.2m | $117.0m | 1.34 |
Biggest buyers
| WELLINGTON MANAGEMENT GROUP LLP | Added | +1.4m |
| CITADEL ADVISORS LLC | Added | +1.0m |
| AMERIPRISE FINANCIAL INC | Added | +467.7k |
| Squarepoint Ops LLC | Added | +378.5k |
| BANK OF AMERICA CORP /DE/ | Added | +205.1k |
| Jump Financial, LLC | New | +193.5k |
| Qube Research & Technologies Ltd | Added | +187.2k |
| GOLDMAN SACHS GROUP INC | Added | +160.2k |
| JANE STREET GROUP, LLC | Added | +138.9k |
| Engineers Gate Manager LP | Added | +135.1k |
Biggest sellers
| Balyasny Asset Management L.P. | Reduced | -648.6k |
| T. Rowe Price Investment Management, Inc. | Reduced | -444.9k |
| Holocene Advisors, LP | Sold out | -375.6k |
| Point72 Asset Management, L.P. | Sold out | -357.8k |
| Driehaus Capital Management LLC | Reduced | -299.1k |
| COOKSON PEIRCE & CO INC | Sold out | -206.1k |
| TWO SIGMA INVESTMENTS, LP | Reduced | -192.4k |
| LORD, ABBETT & CO. LLC | Reduced | -180.9k |
| 12 West Capital Management LP | Reduced | -145.5k |
| UBS Group AG | Reduced | -142.3k |
Biggest calls
| BARCLAYS PLC | New | $22.0m250.0k shares |
| CITADEL ADVISORS LLC | Reduced | $16.8m191.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $15.2m172.1k shares |
| IMC-Chicago, LLC | Reduced | $7.6m86.3k shares |
| WOLVERINE TRADING, LLC | Added | $6.5m73.2k shares |
| JANE STREET GROUP, LLC | Reduced | $4.3m49.0k shares |
| GOLDMAN SACHS GROUP INC | Unchanged | $2.8m31.9k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $1.8m20.1k shares |
| GROUP ONE TRADING LLC | Reduced | $1.6m18.5k shares |
| SIMPLEX TRADING, LLC | Reduced | $1.6m17.6k shares |
Biggest puts
| CITADEL ADVISORS LLC | Added | $24.0m272.0k shares |
| JANE STREET GROUP, LLC | Added | $19.7m222.9k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $13.3m151.4k shares |
| TWO SIGMA INVESTMENTS, LP | Reduced | $13.0m147.6k shares |
| IMC-Chicago, LLC | Reduced | $6.9m78.8k shares |
| Squarepoint Ops LLC | Added | $6.7m76.3k shares |
| WOLVERINE TRADING, LLC | Added | $6.3m71.9k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $3.7m41.9k shares |
| GROUP ONE TRADING LLC | Added | $3.6m40.8k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $2.9m32.8k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution filed 2025-04-30 | 14.3% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.8% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 5.0% |
Fell to 5% or below in the last year: WELLINGTON MANAGEMENT GROUP LLP (4.3%, 2026-05-15), VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)
Insider purchases and sales in Q1 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q2 2023 | 0 | — | 1 | $375.0k | $375.0k |
| Q3 2023 | 0 | — | 1 | $138.8k | $138.8k |
| Q4 2023 | 0 | — | 1 | $57.9k | $57.9k |
| Q1 2024 | 0 | — | 2 | $10.3m | $10.3m |
| Q2 2024 | 0 | — | 2 | $150.5k | $150.5k |
| Q3 2024 | 0 | — | 3 | $1.4m | $1.4m |
| Q4 2024 | 0 | — | 2 | $12.0m | $12.0m |
| Q1 2025 | 0 | — | 0 | — | — |
None reported in Q1 2025.
Holders, Q1 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.01% of their portfolio | 6.2m $546.8m | Added +79.1k |
| VANGUARD GROUP INC 0.01% of their portfolio | 4.4m $384.8m | Reduced -61.7k |
| WELLINGTON MANAGEMENT GROUP LLP 0.04% of their portfolio | 2.6m $231.0m | Added +1.4m |
| 12 West Capital Management LP 21.06% of their portfolio | 1.6m $142.7m | Reduced -145.5k |
| STATE STREET CORP 0.01% of their portfolio | 1.5m $128.2m | Reduced -55.9k |
| GILDER GAGNON HOWE & CO LLC 1.67% of their portfolio | 1.5m $127.9m | Reduced -15.0k |
| Invesco Ltd. 0.02% of their portfolio | 1.3m $112.0m | Added +24.8k |
| CITADEL ADVISORS LLC 0.09% of their portfolio | 1.1m $92.6m | Added +1.0m |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 900.6k $79.4m | Added +25.5k |
| Squarepoint Ops LLC 0.19% of their portfolio | 878.7k $77.5m | Added +378.5k |
| AMERIPRISE FINANCIAL INC 0.02% of their portfolio | 791.9k $69.8m | Added +467.7k |
| Van Berkom & Associates Inc. 2.22% of their portfolio | 785.6k $69.3m | Added +125.4k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 758.6k $66.9m | Added +160.2k |
| MORGAN STANLEY 0.00% of their portfolio | 734.7k $64.8m | Reduced -8.8k |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 648.5k $57.2m | Reduced -112.1k |
| WASATCH ADVISORS LP 0.31% of their portfolio | 628.0k $55.4m | Added +61.6k |
| Qube Research & Technologies Ltd 0.07% of their portfolio | 497.4k $43.9m | Added +187.2k |
| Nuveen, LLC 0.01% of their portfolio | 485.5k $42.8m | First filing |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.11% of their portfolio | 475.2k $41.9m | Added +12.8k |
| MANE GLOBAL CAPITAL MANAGEMENT LP 3.22% of their portfolio | 459.6k $40.5m | Added +6.4k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 448.3k $39.5m | Added +79.0k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 417.2k $36.8m | Reduced -6.9k |
| RENAISSANCE TECHNOLOGIES LLC 0.05% of their portfolio | 397.3k $35.0m | Added +94.1k |
| Fisher Asset Management, LLC 0.02% of their portfolio | 394.7k $34.8m | Reduced -55.1k |
| JENNISON ASSOCIATES LLC 0.02% of their portfolio | 378.0k $33.3m | Added +2.4k |
| Man Group plc 0.10% of their portfolio | 369.6k $32.6m | Reduced -36.2k |
| UBS Group AG 0.01% of their portfolio | 359.9k $31.7m | Reduced -142.3k |
| Champlain Investment Partners, LLC 0.23% of their portfolio | 357.8k $31.5m | Added +133.4k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 356.0k $31.4m | Reduced -5.9k |
| MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio | 325.0k $28.7m | Reduced -112.6k |
| FMR LLC 0.00% of their portfolio | 324.7k $28.6m | Added +29.7k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 319.3k $28.2m | Added +205.1k |
| ARMISTICE CAPITAL, LLC 0.67% of their portfolio | 285.0k $25.1m | Added +99.5k |
| T. Rowe Price Investment Management, Inc. 0.02% of their portfolio | 283.7k $25.0m | Reduced -444.9k |
| Aperture Investors, LLC 3.37% of their portfolio | 251.4k $22.2m | Added +76.6k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 251.4k $22.2m | Reduced -6.5k |
| Balyasny Asset Management L.P. 0.05% of their portfolio | 245.7k $21.7m | Reduced -648.6k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 223.4k $19.7m | Added +28.7k |
| Driehaus Capital Management LLC 0.18% of their portfolio | 212.1k $18.7m | Reduced -299.1k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 199.7k $17.6m | Added +4.6k |
| Jump Financial, LLC 0.26% of their portfolio | 193.5k $17.1m | New |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 187.2k $16.5m | Reduced -22.3k |
| NEUBERGER BERMAN GROUP LLC 0.01% of their portfolio | 184.3k $16.3m | Added +26.6k |
| Cornerstone Capital, Inc. 1.73% of their portfolio | 182.0k $16.1m | Reduced -1.7k |
| PANAGORA ASSET MANAGEMENT INC 0.08% of their portfolio | 179.6k $15.8m | Added +60.8k |
| JANE STREET GROUP, LLC 0.03% of their portfolio | 172.6k $15.2m | Added +138.9k |
| Linonia Partnership LP 0.60% of their portfolio | 172.3k $15.2m | Unchanged |
| Engineers Gate Manager LP 0.23% of their portfolio | 155.8k $13.7m | Added +135.1k |
| INTECH INVESTMENT MANAGEMENT LLC 0.14% of their portfolio | 148.8k $13.1m | Added +51.8k |
| AXA S.A. 0.04% of their portfolio | 138.4k $12.2m | Added +20.2k |
| TWO SIGMA INVESTMENTS, LP 0.03% of their portfolio | 134.8k $11.9m | Reduced -192.4k |
| KETTLE HILL CAPITAL MANAGEMENT, LLC 3.25% of their portfolio | 134.3k $11.8m | Added +20.5k |
| Public Sector Pension Investment Board 0.05% of their portfolio | 126.9k $11.2m | Added +26.8k |
| FRED ALGER MANAGEMENT, LLC 0.06% of their portfolio | 123.5k $10.9m | Added +8.0k |
| ExodusPoint Capital Management, LP 0.14% of their portfolio | 117.5k $10.4m | Added +85.3k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 110.3k $9.7m | Reduced -8.4k |
| BLAIR WILLIAM & CO/IL 0.03% of their portfolio | 107.7k $9.5m | Added +3.3k |
| Legal & General Group Plc 0.00% of their portfolio | 106.8k $9.4m | Reduced -3.9k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 106.2k $9.4m | Added +24 |
| MIG Capital, LLC 1.15% of their portfolio | 102.5k $9.0m | New |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 92.6k $8.2m | Added +19.2k |
| JANUS HENDERSON GROUP PLC 0.00% of their portfolio | 89.9k $7.9m | Added +72.9k |
| GDS Wealth Management 0.65% of their portfolio | 86.2k $7.6m | Added +71.9k |
| NORGES BANK 0.00% of their portfolio | 82.6k $7.3m | Reduced -36.1k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.01% of their portfolio | 81.7k $7.2m | Reduced -12.3k |
| NORDEA INVESTMENT MANAGEMENT AB 0.01% of their portfolio | 77.8k $6.7m | Added +917 |
| KBC Group NV 0.02% of their portfolio | 75.8k $6.7m | Added +73.9k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 75.4k $6.6m | Added +54.4k |
| Swiss National Bank 0.00% of their portfolio | 73.7k $6.5m | Reduced -1.0k |
| CI INVESTMENTS INC. 0.03% of their portfolio | 67.9k $6.0m | Added +17.0k |
| AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 67.8k $6.0m | Added +15.4k |
| CAPITAL FUND MANAGEMENT S.A. 0.07% of their portfolio | 65.1k $5.7m | New |
| STRS OHIO 0.02% of their portfolio | 64.8k $5.7m | Reduced -1.3k |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 62.2k $5.5m | Added +12.2k |
| California Public Employees Retirement System 0.00% of their portfolio | 59.1k $5.2m | Added +12.2k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio | 58.0k $5.1m | Reduced -1.3k |
| BARCLAYS PLC 0.00% of their portfolio | 57.4k $5.1m | Reduced -71.9k |
| CITIGROUP INC 0.00% of their portfolio | 56.5k $5.0m | Reduced -12.0k |
| CASTLEARK MANAGEMENT LLC 0.16% of their portfolio | 52.6k $4.6m | New |
| Verition Fund Management LLC 0.03% of their portfolio | 52.4k $4.6m | Added +39.8k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 51.6k $4.5m | First filing |
| Madison Asset Management, LLC 0.05% of their portfolio | 51.3k $4.5m | Added +6.3k |
| Bullseye Asset Management LLC 2.38% of their portfolio | 50.0k $4.4m | Unchanged |
| Nicholas Investment Partners, LP 0.45% of their portfolio | 49.2k $4.3m | Reduced -27.0k |
| VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 44.8k $3.9m | Added +27.2k |
| Larson Financial Group LLC 0.18% of their portfolio | 42.4k $3.7m | Added +1.8k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 42.2k $3.7m | Reduced -25.1k |
| CANADA LIFE ASSURANCE Co 0.01% of their portfolio | 41.1k $3.6m | Reduced -3.6k |
| EFG Asset Management (North America) Corp. 0.60% of their portfolio | 41.0k $3.6m | Added +5.1k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 40.8k $3.6m | Reduced -3.1k |
| PRUDENTIAL FINANCIAL INC 0.01% of their portfolio | 40.8k $3.6m | Reduced -53.8k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 39.2k $3.5m | Unchanged |
| ALGERT GLOBAL LLC 0.08% of their portfolio | 38.3k $3.4m | Unchanged |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 35.1k $3.1m | Reduced -434 |
| STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio | 31.8k $2.8m | Added +2.6k |
| Ensign Peak Advisors, Inc 0.01% of their portfolio | 29.7k $2.6m | Added +4.7k |
| Schonfeld Strategic Advisors LLC 0.02% of their portfolio | 29.7k $2.6m | Added +24.7k |
| Thrivent Financial for Lutherans 0.01% of their portfolio | 29.4k $2.6m | Reduced -1.5k |
| Aigen Investment Management, LP 0.41% of their portfolio | 29.2k $2.6m | Added +198 |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 28.8k $2.5m | Added +3.0k |