Shake Shack Inc. (NYSE: SHAK) had a wildly successful initial public offering (IPO), but much of that excitement has been dialed back significantly after shares peaked above $96 briefly. Even after the company’s stock has pulled back it has filed to sell more shares, from holders.

On February 4, 2015, Shake Shack completed its IPO of 5,750,000 shares of Class A common stock at a public offering price of $21.00 per share. That included 750,000 shares tied to the underwriters’ option to purchase additional shares, and the company received $112.3 million in proceeds.

Selling stockholders are now offering 4,000,000 shares of Shake Shack’s Class A common stock. The company itself is not selling any shares and the company will not receive any of the proceeds from the sale of shares.

Since coming public, Shake Shack shares have traded in a post-IPO range of $38.64 to $96.75.

J.P. Morgan was listed the book-runner, and other managers in the offering will be as follows: Morgan Stanley, Barclays, Goldman Sachs, Jefferies, William Blair, and Stifel.

Shake Shack shares closed up 3.5% at $54.79 on Monday, but its shares were indicated down 4% or so at $52.60 in the after-hours when that offering hit. The company has a $1.98 billion market cap.

Shake Shack peaked in May well above $90, but shares have been sliding backwards since.

Morgan Stanley downgraded the stock to Underweight from Equal Weight on July 7. Then on July came word that Goldman Sachs sees more downside despite liking its long-term growth prospects. Goldman had called it overvalued to peers. Stifel had downgraded Shake Shack to Hold from Buy back in April after its shares had run up.

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