Chipotle stock surges 10% on impressive Q2 results

Chipotle Mexican Grill (CMG.US) stock surges more than 10% after the fast food chain posted strong quarterly results. Company earned an adjusted $7.46 per share, well above analysts' expectations of a $6.52 per share profit. Revenue climbed 38.7% to $1.89 billion, edging past estimates for $1.88 billion and comparable sales also beat Wall Street projections as dine-in customers returned to its restaurants. Chipotle also attributed gains to higher digital sales, positive reception to new menu items and easy year-ago comparisons. On the other hand, the company warned that higher costs will offset the benefit of the hikes in menu prices in the near term.

Chipotle Mexican Grill (CMG.US) stock launched today's session with a massive bullish price gap following the release of Q2 2021 earnings report. Price broke above the upper limit of the ascending channel and hit a new all-time high at $1750.00. Source: xStation5