Shake Shack Stuns on First Trading Day
Shortly after noon today Shake Shack shares were trading at $48.60, or more than double the already boosted offering of $21. The 130% surge puts Danny Meyer's 63-location burger chain in line with the debuts of Boston Chicken (in 1993) and Potbelly (in 2013). As we wrote yesterday, both of those companies had relatively brief moments in the sun before tumbling back down to earth. But even while same-store sales have slowed, Meyer is brushing off any pressure that comes with the company's current $1B+ valuation, telling CNBC that "We cook one burger at a time with one smile at a time, and I don't know how you value that."