Chipotle Mexican Grill (NYSE:CMG) stock rose 5.5% today on active trading as it hit a new 52-week high and attracted institutional investor with news of a Washington, D.C. fast food Asian restaurant. With its successful business model selling low-cost Mexican food, the company looks to expand this by dipping its toes into fast-food Thai.
The company will start with one location styled in Asian decor. It will have no opening splash and it currently does not have a Web site for the restaurant. The company faces competition Panda Express and P.F. Chang’s (NASDAQ:PFCB); however, their menu options are more Chinese-based cuisine than Thai. Not that competition matters. Since splitting from McDonald’s (NYSE:MCD), CMG has had incredible success despite solid competitors Qdoba (NASDAQ:JACK), Moe’s Southwest Grill, and Baja Fresh.
Chipotle’s stock (NYSE:CMG) is up 5.68% to $336.14 on the news. Shares are up 58.06% year to date. The stock has traded in a 52-week range between $164.19 and $338.32.
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