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Shake Shack Stock Surges, Now Trading Between $47 and $50

Shake Shack is the hottest stock to hit the market this year.

Scott Olson/Getty Images

Danny Meyer's burgeoning burger chain Shake Shack began trading on the New York Stock Exchange this morning, and already it has risen from its original price of $21 to between $47 and $50 per share. As CNBC reports, the stock is trading a full 130 percent higher than its IPO.

As predicted, Shake Shack's IPO is worth $1 billion.

"We didn't have any dreams that today would ever come," Danny Meyer told CNBC. "We wanted to open a hot dog cart to help a park in Madison Square Park. And when you put a great product together with amazing people with the kind of heart that you have felt here on the floor, these people are doing it, and it's our staff that this day is for."

New York Shack is celebrating today by giving away free burgers: