Shake Shack up after report activist investor Starboard built new stake
05/08/2026 18:37
BUZZ-Shake Shack up after report activist investor Starboard built new stake Updates
** Shares of Shake Shack SHAK.N up ~10% at $72.82
** Activist investor Starboard Value builds a new stake in co, a source familiar with the matter tells Reuters
** Bloomberg News first reported the news earlier on Wednesday, citing Starboard CEO Jeff Smith who said the hedge fund has a position of several hundred million dollars in Shake Shack
** Starboard, Shake Shack did not immediately respond to a Reuters request for comment
** Earlier on Wednesday, the burger chain reported quarterly revenue rise of 7.2% to $417.6 million
** Q2 adj. EPS of 43 cents beats est. 31 cents - data compiled by LSEG
** As of last close, SHAK down 18.4% YTD
(Reporting by Sanskriti Shekhar and Shania S Thomas in Bengaluru)
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