Shake $10 from Shake Shack
Shake Shack Inc (SHAK) after its glorious IPO is coming back down to earth. Two days after going public and jumping 100% the selling has begun.
More like profit taking. That is why SHAK has dropped $10. The trend continues today as SHAK now trades at $42.85.
It is way to early to decide how this stock is going to trade. You have to give it at least 50 days to establish a baseline and really 90 days to see where the stock might trade. There is no news since Monday, so the stock is finding it's actual trading range.
We all know the story on Shake Shack. It's going to be the next Chipotle (CMG) and the answer to everything that is wrong with McDonalds (MCD). Maybe SHAK will be the next burger company that puts Burger King, Wendy's (WEN) and everyone else to shame.
The SHAK has run so far so quick due to the small 5 million share offering. They could do a secondary offering and that could cut another $10 off the share price. I'm not hating on the company but I'm not willing to pay more than $30 a share for SHAK at this point. We did go negative nancy on SHAK last week (Don't bet the Farm on Shake Shack (SHAK)) but for good cause.
For now just watch SHAK and wait for it to define a trading range.
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