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Hamburger chain Shake Shack spiked more than 130 percent in its trading debut Friday after pricing at $21 a share.
Friday's trading values the company at about $1.7 billion, making each of its 63 locations worth roughly $27 million. The stock's performance puts it on track for the second-best debut in the past 12 months, according to Ipreo.
Asked on CNBC's "Squawk on the Street" whether the valuation put considerable pressure on the chain, founder Danny Meyer said, "We cook one burger at a time with one smile at a time, and I don't know how you value that."
Investor and host of CNBC's "The Profit" Marcus Lemonis said he too thought the blockbuster debut put no undue pressure on Shake Shack. Its model of placing locations in high-profile, well-trafficked areas in cities has worked so far, he said.
The next question is whether there is opportunity in second- and third-tier markets, he told CNBC's "Power Lunch."
"As rent goes down, we understand that revenue will go down because the size of the market changes," Lemonis said. "But do they have the menu right, do they have the costs of food right, and do they have their other operating costs right?"
"My guess is that Danny Meyer, who is a phenomenal operator, probably already has that model worked out," he said.
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The price point of Shake Shack's products and the simplicity of the menu will work in Milwaukee and Kansas City as well as it does in major markets like New York City and Miami, Lemonis said. Further, the competition is lower in those smaller cities and the chain could actually achieve higher penetration of burger sales there, he added.
While sales at comparable stores have slowed, future growth will come from restaurant expansion, Randy Garutti, Shake Shack CEO, told "Squawk on the Street." He said the company has just gotten started and it will be a growth story for years to come.
"There's a seismic shift in how people are eating today. People are trading up from [quick serve restaurants]," he said. "I know my kids and my kids' generation, they're not eating fast food. They want more. They expect more."
Meyer started Shake Shack in 2001 out of a hot dog cart in a New York City park.
"We didn't have any dreams that today would ever come," he told CNBC after the stock priced. "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."
The chain has 63 locations within the U.S. and internationally. In the year ended Dec. 25, 2013, Shake Shack's revenue totaled $82.5 million, a $25 million revenue gain from the 2012 fiscal year, according to an SEC filing.
The company is trading under the ticker symbol "SHAK" on the New York Stock Exchange. It opened at $47 per share.
What are Shake Shack shares doing now? (Get the latest quote here.)