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Shake Shack makes a great burger and is a "snazzy" place to hang out, but that doesn't make it a great investment, strategist Keith Fitz-Gerald said Wednesday.
"This thing has been priced in the nosebleed section for a long time now," Fitz-Gerald said in an interview with CNBC's "Closing Bell. "
With a price-earnings multiple of more than 1,000, "you're going to have to wait 1,000 years to get any money back that you invest in the company at the current rate of earnings. It's a premium to the industry that is not warranted," he added.
When Shake Shack debuted in January, it soared more than 130 percent after pricing at $21 a share. On Wednesday, the burger joint closed down 14 percent at $73.69.
Fitz-Gerald, chief investment strategist at MoneyMorning.com, pointed out that the chain has fewer than 100 stores.
It's a story he said is similar to that of Krispy Kreme, noting that with the first 200 days of trading the two names are tracking very closely.
Ten years later, Krispy Kreme is now only trading at 39 percent of its peak, he said.
"If you're an investor, do you really want to be the last one in the door?"
Fitz-Gerald thinks the technicals on Shake Shack are "reflecting emotion and hope from a consumer that is confusing this with, quite frankly, something like a tech IPO."
He said he also gets concerned when he hears management talking about training people for qualities they can't teach.
Kenny Polcari, director at O'Neil Securities, said on "Closing Bell" that he believes the stock made too much of a move and needs to "settle in" but thinks when it hits closer to the $45 to $50 range it is "probably a good shot."
Disclosures: Polcari, his family and his firm do not own Shake Shack. Fitz-Gerald, his family and his firm do not own Shake Shack.