Shares of Shake Shack (SHAK) are skyrocketing tonight after the company reported blow out earnings and raised guidance. The burger chain reported $0.12 EPS vs $0.07 expected as well as sales of $53.3 million vs $47.5 million expected. SHAK stock is currently trading between $53-$55.
Shake Shack (SHAK) plans to open a lot more restaurants in the coming years and the stock is a buy for the long term. However, be careful paying above $50 in the short term, wait and see if we get a correction. SHAK will have resistance up at $56.69 and if the stock closes above that level tomorrow, we could see a retest of $60.
We will be watching SHAK in the stock picks group.
If you are looking for more hot stocks, check out my 2015 Stock Gainers and 2015 Penny Stock Gainers.
