Shake Shack Shares Are a Great Deal at 50% Off By Brian Sozzi | 08/27/15 - 10:58 AM EDT NEW YORK (TheStreet) -- Thanks to the market's summer swoon, investors may have a valuable opportunity to chow down on what was one of the hottest stocks earlier this year.
Since skyrocketing to a 52-week high of $96.75 on May 22, shares of "better-burger" chain Shake Shack (SHAK) have been cut in half. Trading at $47.68 early on Thursday, the stock is a stone's throw away from the $45.90 closing price when the popular chain first went public on Jan. 30.
The market may already be sniffing out a compelling opportunity: shares rose 6.2% on Wednesday, outperforming the comeback rally in the Dow Jones Industrial Average and S&P 500.
Although Shake Shack shares still trade at an exorbitant P/E multiple -- 158 times estimated forward earnings -- should broader stock market momentum return, so may interest in trading the former high-flying restaurant stock. And there is much for investors to like fundamentally from Shake Shack to reignite that buying interest, such as hearty sales growth and a bright long-term outlook...