Shares of Shake Shack Inc. (SHAK) - Get Report have fallen almost 10% in the last month, nearing its lowest price since the burger chain's February 2015 initial public offering and luring in the bears.

The New York-based company cut its sales outlook earlier in August, prompting naysayers to bet big that more declines are coming. Almost half of the Shake Shack shares available for trading this week were sold short, according to IHS Markit data.

Shake Shack has turned its attention overseas to help cushion domestic sales blows. The company plans to open its first mainland China location in 2019.

Shake Shack closed up 0.3% on Thursday, Aug. 24, to pare earlier losses and finish the day at $31.25. Shares have tumbled over 12.5% since the start of the year.

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