Shake Shack Inc SHAK shares are trading lower by $0.22 at $39.74 in Thursday's session. The issue, which debuted in January at $47, blasted to $96.75 in May.
Based on the market cap at that level, each of its 63 franchises was valued at $53 million -- compare that with the value of an average McDonald's franchise near $3 million.
Since reaching that elevated level, it declined and eclipsed its former all-time low ($38.63), reaching $37.60 before staging a rebound that was halted at $41.68.
Resistance has moved down from the $41 area.
On Tuesday it peaked at $41.06 and on Wednesday at $40.98; in today's session, it came up shy of that area only reaching $40.76, before falling back under $40.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.