# Hedge Fund Dumps $80M Shake Shack Stake — What's Going On?

Mane Global just completely bailed on Shake Shack (SHAK), liquidating 570,507 shares worth $80.21 million in Q3. This was their 8th biggest holding, so it's a pretty bold exit.

The timing is interesting — stock's down 33% YTD and has been bouncing around like a pinball ($75-$140 range). Fund probably locked in gains earlier in the year and decided to take profits before things got messier.

**Current situation:**
- Stock price: $86.99 (as of Nov 25)
- Market cap: $3.5B
- TTM revenue: $1.37B, net income $42.6M
- Underperforming S&P 500 by 46 percentage points this year

**Why it might not be a total disaster for SHAK:**
- 19 consecutive quarters of positive same-store sales growth
- Expanded store count 14% last quarter to 630 locations
- Management targeting 4x expansion of company-owned stores long-term
- Trading at 18x operating cash flow (pretty reasonable for a growth play)
- 17% annual revenue growth over 5 years

The cult brand loyalty and international licensing model give it legs. Whether Mane regrets this exit (like they did in 2023) depends on if SHAK can keep the expansion momentum going. Right now it's a solid growth story priced decently — if management's expansion thesis holds up.