Shake Shack Stock Soars With Biggest Gain Since IPO
Danny Meyer continues to make millions.
If you own stock in Shake Shack, Wednesday was a good day. According to Market Watch, the famous burger chain’s stock jumped by 20 percent Wednesday afternoon. The result was the biggest percentage and price gain for the company in the six months since it went public.
Experts say the massive hike is likely due to the expiration of the company’s lock up period, which prevented underwriters from selling any of their shares, in addition to short sellers covering their position and investor confidence in the company’s potential growth. Short interest in the stock has…