Shake Shack is down 9%

On Wednesday after the market close, the burger chain priced its 4 million share stock offering at $60 per share, $5 below where the stock closed on Wednesday.

And in pre-market trade on Thursday the stock was down nearly 9% to around $59.25 per share.

Along with its earnings release on Monday, Shake Shack said it would sell 4 million shares but not receive any of the proceeds, presumably allowing company insiders to sell shares they were previously unable to due to restrictions around the company's public debut.

Shake Shack's IPO priced at $21 per share.

Stocks typically fall after more shares are offered into the market because earnings per share decline as the denominator in this calculation - profit divided by shares outstanding - gets larger.

Since hitting a closing high of more than $92 per share in May, shares of Shake Shack are down about 30%, but still more than triple where they first priced.