Options Traders Cheer Chipotle Stock's Record High

No fewer than 19 analysts lifted their price targets as well

Deputy Editor

Apr 26, 2023 at 3:03 PM

Earlier today, Chipotle Mexican Grille Inc (NYSE:CMG) stock soared to a record high of $2,047.31 after the restaurant chain's first-quarter earnings and revenue exceeded analyst expectations. CMG is currently up 14% to trade at $2,028.77, after no fewer than 19 analysts hiked their price targets. Since the start of the year, the equity is up 46.3%.

CMG Apr26

Unsurprisingly, CMG is seeing an influx of options activity, with 34,000 calls and 29,000 puts exchanged so far, volume that's already 7.2 times the average daily amount. The weekly 5/5 2,100- and 2,030-strike calls seeing the most activity.

Calls were popular leading up to the earnings event, per CMG's 10-day call/put volume ratio of 1.24 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks higher than 94% of readings from the past year.

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