- Shares of Chipotle Mexican Grill were up nearly 6% at $2960 premarket on Wednesday after the burrito chain's board approved a 50-for-1 stock split as the company looks to make the stock less expensive for potential investors.
A stock split lowers the price of shares without affecting the company's valuation, making them more affordable for individual investors.If the split is approved at the upcoming annual meeting on June 6, Chipotle's shareholders will receive an additional 49 shares for each share held. The split, the first in its 30-year history, "will make our stock more accessible to employees as well as a broader range of investors," said Chipotle's Chief Financial and Administrative Officer Jack Hartung on Tuesday.
"Chipotle's stock split should ease liquidity in the stock given how high the share price has risen over the past years. Otherwise, the economics of the business remain just as compelling," said Jim Sanderson, an analyst with Northcoast Research.
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