Shake Shack is getting smoked again
Christian Storm/Business Insider
Shares fell more than 9% in morning trading on Wednesday after falling more than 6% on Tuesday.
The stock fell to as low as $77.15 per share today. It's up 69% from the IPO.
Tuesday's drop ended a six-day streak of gains that was a record since the fast-casual food chain went public on January 30. Shares reached an all-time high of $96.75 on Friday.
Earlier this week, we highlighted the stock's incredible rally since its first-quarter earnings that analysts described as historic. Also, we noted comment from CNBC's Jim Cramer, who described the stock as the "Tesla for burgers."
In an article on Monday, the Wall Street Journal's Miriam Gottfried noted that every Wall Street analyst who covers Shake Shack rates it at "hold" - they're not advising clients to buy or sell the stock.
Here's a look at the drop lower on Wednesday:
Google Finance
- Bharti Airtel net profit tanks 31% to ₹2,072 cr in Q4
- Markets climb as retail inflation eases in April
- Death toll rises to 14 in Mumbai hoarding tragedy; search and rescue ops still on
- Qualcomm Snapdragon 8s Gen 3 chipset to debut in India with the Poco F6
- 10 best kid-friendly vacation spots near Delhi