According to a report from CNN Money, the fast-casual burrito chain Chipotle, based in Denver, CO, hit an all-time high in the stock market on Tuesday as its shares soared by 12%.
The rise came a day after the chain released its quarterly report, which noted that Chipotle made $3.50 per share in the second quarter, an average of 41 cents more per share than it expected to make.
The stock has officially hit an all-time high and is trading at above $660 a share according to the CNN report.
Chipotle announced in April that it would be raising prices, as it has been working hard to source GMO-free ingredients in accordance with customer wishes. Its most popular items are burritos and burrito bowls, comprised of Mexican-style ingredients including tortillas, rice, different types of beans, guacamole, salsa, beef, chicken, shredded cheese, sour cream and more.
Food prices have been going up across the industry, especially for items like steak and avocados, but the company has made it work thanks to incredible loyalty from its customer base, and new customers as well.
Chipotle has said it is now “virtually” free of GMO ingredients, but there are still some key ones to avoid for now when you head to the counter at Chipotle, as this article notes. The hope among the millions of people in the grassroots movement for freedom from GMOs is that the company continues its quest to source and remove GMO ingredients until it becomes 100 percent GMO free sometime in the near future.
Chipotle Stock is “Hot, Hot, Hot” on Wall Street
Following their big announcement to go GMO-free, Chipotle’s stock began to soar almost immediately, and now it seems as if customers are rewarding the chain for its commitment to food integrity. The CNN report did not mention the company’s efforts to go GMO-free in its report, however, but it has become a major differentiator for the chain considering the lack of GMO-free restaurants in America.
The stock (CMG acronym) was classified as “hot, hot, hot” on Wall Street by CNN in the report.
Revenues have risen 28% overall to $1.05 billion, a much higher number than analysts had predicted.
Chipotle executives are expecting continued growth in the mid-teens for the next full year, and the company already ranks as the U.S.’ biggest Mexican-style food chain of its kind.
The company expects to open up 195 new restaurants next year after opening 45 in the second quarter of this year.
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