Shake Shack’s ChickenShack fried chicken sandwich not available at Chicago

The firm now has a $82.27 price objective on the stock.

Since going public in late January, shares of Shake Shack have nearly tripled.

Moreover, Business Insider reports that a note from Morgan Stanley explained, “While a powerful emerging brand executing on all its early commitments to its investors, [the] stock is overpriced, in our view, potentially reflecting both technical market dynamics as well as “brand”-related optimism that is not supported by fundamentals”””.

Illiquidity of shares. Morgan Stanley notes that only 5.75 million shares are trading out of the 37 million share count.

Shake Shack has lost the typically uber-bullish crowd that is Wall Street analysts, and it just got worse Tuesday. The chicken sandwich is priced at $6.29.

Shake Shack (NYSE:SHAK) traded down 9.83% during mid-day trading on Tuesday, hitting $53.20. 1,203,341 shares of the company’s stock traded hands. Shake Shack has a 52 week low of $38.63 and a 52 week high of $96.75. The stock closed at $92.86 on May 22.

In a research report sent to investors on Tuesday, 7 July, expert analysts at Morgan Stanley’s equities division decreased Shake Shack Inc (NYSE:SHAK)’s stock from “Equal Weight” to “Underweight”. A successful new menu item could boost performance, particularly as other burger chains like Habit Burger (which also offers chicken and tuna sandwiches) continue to grow. The company’s market cap is $660.05 million. The Company’s 31 domestic company-operated Shacks consist of seven Manhattan Shacks and 24 Non-Manhattan Shacks. Since the original Shack opened in 2004 in NYC’s Madison Square Park, the company has opened multiple locations in 12 states and the District of Columbia, as well as worldwide locations including London, Istanbul, Dubai, Moscow and more.