Fast-casual restaurant chain Chipotle Mexican Grill beat Wall Street analysts’ earnings and revenue estimates this afternoon.
The stock is trading higher in after-market hours. The stock is up more than 5.6% in the late trading session.
This isn’t good news for David Einhorn, who is short Chipotle.
The stock is up more than 24% since October 2, 2012 when he recommended shorting the company at the Value Investing Congress.
At the VIC, he said the biggest challenge Chipotle faces is competition from Taco Bell, which has a much lower price point and has been successful with its Doritos Locos Tacos.
He’s not the only one who is recommending shorting the stock. Bond god Jeff Gundlach called a “gourmet burrito an oxymoron” earlier this year.
Here’s how the stock has performed since October 2:
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