Birkenstock debuted on the New York Stock Exchange Wednesday under the ticker symbol BIRK as a publicly traded company. For the beloved cork-soled shoemaker, it was a tough first day.

Birkenstock priced its initial public offering at $46 per share in the middle of the price range it indicated last week, giving it an $8.6 billion valuation. Despite this, it opened at $41 a share, 11% lower than its IPO price. The share price dropped even further, falling almost 13%.

Birkenstocks are having something similar to a Crocs moment, according to Nightcap. After experiencing a surge in popularity, both shoe brands lost their luster and were demoted to fads. They then made miraculous comebacks decades after their peak.

It is now common for supermodels to wear them as well.

According to Birkenstock, the company believes it is worth $8.6 billion before trading began on Wednesday.

It wasn’t long before regular people got in on the action and said, “I don’t think so.”.

Generally, when a company’s price is low relative to its worth, people are more likely to hit the buy button in their brokerage accounts. When it’s too high relative to what they think it’s worth, they short it.

In real time Wednesday, traders made those judgment calls, which caused the stock’s price to fluctuate.