The stock is up nearly 38% and has more than doubled since bottoming last year.
The question now is if it has moved too high? The shares hit a 52-week high of $612.60 soon after Tuesday's open, but then fell back and were trading down 1.7% late afternoon.
Clearly, some profit-taking set in.
Chipotle has struggled in recent years from growing way too fast and then getting into trouble with food-safety problems. The company has scaled back new store openings and concentrated on getting the basic operations back into shape.
The exercise was painful. The shares were off as much as 65% from their top in 2015 until bottoming last year.
Chipotle's run-up is one of a few stocks that have hit new highs, and they're not tech stocks.
Along with Chipotle, Starbucks (NASDAQ:SBUX) has also hit new highs, along with such, well, boring stocks like Procter & Gamble (NYSE:PG), O'Reilly Automotive (NASDAQ:ORLY) and AutoZone (NYSE:AZO). A glamour stock bucking the trend has been Boeing (NYSE:BA).
At some point, maybe soon, these stocks will fade, while some of the stars like Apple (NASDAQ:AAPL), Amazon.com (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT) re-assert themselves. The former two are still off more than 20% from their highs reached last summer. Microsoft is off 8% or so from its 52-week high.
But Chipotle's reaching its 52-week high – and dropping back -- may be a lesson for those hoping the market can blast through the highs of 2018.
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