Chipotle's stock fell to a six-year low on Friday. / Bloomberg Chipotle's stock fell to a six-year low on Friday. / Bloomberg
Chains

Chipotle’s Stock Trading at a Nearly Six-Year Low

Chipotle Mexican Grill Inc. hasn’t found the bottom.

Shares of the burrito chain plunged as much as 7 percent on Friday, after a report from Cowen & Co. said that traffic at its restaurants had declined in the first week of February. The shares traded as low as $247.52, the lowest intraday price since October 2012.

On a day when the S&P 500 Index touched a three-month low, Chipotle was among its worst-performing stocks. The restaurant chain has dropped about 18 percent this week, during a broader market selloff.

The company reported disappointing earnings after the close on Tuesday, saying it was still struggling to draw customers back to its restaurants more than two years after a wide-ranging food-safety crisis burst into view.

The company’s shares reached a record high of $757.77 in August 2015. Since then, they have lost two-thirds of their value.

 

©2018 Bloomberg L.P.

 

This article was written by Craig Giammona from Bloomberg and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

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