Shake Shack shares are getting crushed again.
Shares fell more than 9% in morning trading on Wednesday after falling more than 6% on Tuesday.
The stock fell to as low as $US77.15 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 $US96.75 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: