Chipotle Mexican Grill (NYSE:CMG) Stock Price Up 5.8% Following Analyst Upgrade

Chipotle Mexican Grill, Inc. (NYSE:CMG) shares rose 5.8% during trading on Friday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $35.00 price target on the stock, down from their previous price target of $38.00. Chipotle Mexican Grill traded as high as $30.27 and last traded at $29.8270. Approximately 5,804,449 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 17,106,096 shares. The stock had previously closed at $28.18.

CMG has been the topic of a number of other research reports. BTIG Research restated a “buy” rating and set a $45.00 target price on shares of Chipotle Mexican Grill in a research report on Thursday, April 30th. Mizuho upgraded Chipotle Mexican Grill from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $37.00 to $40.00 in a research report on Friday, March 20th. Zacks Research upgraded shares of Chipotle Mexican Grill from a “strong sell” rating to a “hold” rating in a report on Friday, April 17th. Guggenheim lowered their price objective on Chipotle Mexican Grill from $36.00 to $35.00 and set a “neutral” rating for the company in a research note on Friday, May 1st. Finally, Citigroup raised their target price on Chipotle Mexican Grill from $44.00 to $46.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Twenty-four research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Chipotle Mexican Grill presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.48.

Trending Headlines about Chipotle Mexican Grill

Here are the key news stories impacting Chipotle Mexican Grill this week:

• Positive Sentiment: JPMorgan upgraded Chipotle Mexican Grill (CMG) to overweight and set a $35 price target, signaling confidence that the stock can recover from depressed levels. Benzinga
• Positive Sentiment: One report said CMG shares rose in premarket trading after the JPMorgan upgrade, reflecting renewed buying interest. Chipotle Stock Upgraded After 3-Year Lows
• Neutral Sentiment: Chipotle recently launched a marketing campaign tied to basketball milestones and free entree giveaways, which may help brand engagement but is unlikely to move the stock by itself. Marketing Dive
• Negative Sentiment: Chipotle has also faced bearish sentiment from other analysts and traders, including a Morgan Stanley downgrade and heavy put buying, suggesting investors still worry about near-term sales growth and consumer pressure. Morgan Stanley backs Yum Brands, cuts Chipotle rating as growth outlook diverges

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CMG. Financial Life Planners purchased a new position in Chipotle Mexican Grill during the third quarter worth about $25,000. Wealth Watch Advisors INC purchased a new position in shares of Chipotle Mexican Grill in the third quarter valued at $25,000. MV Capital Management Inc. purchased a new position in Chipotle Mexican Grill during the 4th quarter valued at about $26,000. Osbon Capital Management LLC purchased a new position in Chipotle Mexican Grill during the fourth quarter valued at approximately $28,000. Finally, Merkkuri Wealth Advisors LLC bought a new position in shares of Chipotle Mexican Grill in the first quarter worth $28,000. Hedge funds and other institutional investors own 91.30% of the company’s stock.

Chipotle Mexican Grill Stock Performance

The business has a 50 day simple moving average of $32.93 and a two-hundred day simple moving average of $35.24. The firm has a market capitalization of $38.22 billion, a P/E ratio of 27.38, a price-to-earnings-growth ratio of 1.85 and a beta of 0.99.

Chipotle Mexican Grill (NYSE:CMG) last announced its earnings results on Wednesday, April 29th. The restaurant operator reported $0.24 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.24. The business had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.07 billion. Chipotle Mexican Grill had a net margin of 11.96% and a return on equity of 49.64%. Chipotle Mexican Grill’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.29 earnings per share. On average, equities analysts anticipate that Chipotle Mexican Grill, Inc. will post 1.13 earnings per share for the current fiscal year.

Chipotle Mexican Grill Company Profile

Chipotle Mexican Grill is a fast-casual restaurant company known for its Mexican-inspired menu of burritos, bowls, tacos and salads. Founded in 1993 by Steve Ells, the chain emphasizes fresh, customizable meals made from a limited menu of core ingredients and a focus on ingredient quality. Chipotle operates primarily company-owned restaurants and offers dine-in, takeout, catering and delivery through its own digital platforms and third-party partners.

The company is headquartered in Newport Beach, California, and traces its roots to Denver, Colorado.