The popular restaurant chain Chipotle Mexican Grill recently experienced its first open-market insider stock purchase in 2023.
Impressive Stock Performance
Chipotle stock has demonstrated remarkable growth, surging by over 60% this year alone. This surge has outperformed the gains of some members of the hot tech stock group known as the Magnificent Seven. Despite lackluster guidance, strong third-quarter earnings reported at the end of October fueled Chipotle’s latest surge. It is worth noting that Chipotle has recently invested in two private start-ups: Greenfield Robotics and Nitricity. Greenfield Robotics focuses on developing technology to remove weeds growing among crops, while Nitricity specializes in more sustainable fertilizer products.
Director’s Stock Purchase
Director Gregg Engles made a noteworthy open-market purchase of Chipotle shares. On December 15, Engles spent $1.8 million to acquire 800 shares, with an average price of $2,284.81 per share. According to a form filed with the Securities and Exchange Commission, Engles now possesses 1,616 shares in his personal account. On the same day, his wife, Molly Engles, made a separate purchase of 77 shares at the same average share price, amounting to $176,000. Mrs. Engles currently holds 80 shares. Furthermore, the Engles’ children own 233 Chipotle shares.
Gregg Engles’ Background
Gregg Engles is the founder and managing partner of Capitol Peak Partners, an investment firm. He is also the chairman and a former CEO of Borden Dairy, as well as a former chairman and CEO of WhiteWave Foods and Dean Foods.
It is unfortunate that Gregg Engles did not respond to a request for comment regarding his stock purchase.
Previous Stock Purchase
This recent open-market purchase by Gregg Engles is notable as it follows his previous acquisition of Chipotle stock. In May 2022, Engles bought 200 shares for $256,000, with an average price of $1,278.76 per share.
Inside Scoop is a regular feature by s which covers stock transactions conducted by corporate executives, board members, prominent figures, politicians, and large shareholders. Due to their insider status, these investors are required to disclose stock trades to the Securities and Exchange Commission or other regulatory groups.
