CMG is trading at record highs after the company's upbeat first-quarter results
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%.
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.