Editor’s note: This story has been corrected to remove an incorrect statement about Chipotle Mexican Grill’s market cap and to make the language regarding Chipotle’s market cap clearer.
The battle for the world’s most valuable public company took a turn last week with NVIDIA Corporation briefly taking over the spot as the company’s share price soars on growth of artificial intelligence-related revenue.
On Companiesmarketcap.com, Chipotle Mexican Grill (NYSE:CMG) was briefly listed as having a $4.428-trillion market cap Tuesday — likely an error in calculating the current value multiplied by 50.
On the site, Chipotle, which has a market cap of $88 billion, is shown as moving up 187 places and passing the three largest companies:
- Microsoft Corporation (NASDAQ:MSFT): $3.33 trillion
- Apple Inc (NASDAQ:AAPL): $3.22 trillion
- Nvidia: $2.97 trillion
The same error was recognized on Yahoo Finance with a $4.44-trillion market capitalization shown.
The restaurant company will complete a 50-for-1 stock split after the market closes on Tuesday, with shares trading at a new split-adjusted price to open Wednesday’s trading session.
When stock splits and reverse stock splits occur, finance sites can sometimes take time to show adjusted financials and market capitalizations. Tuesday’s error is less frequently seen, as it is occurring ahead of the planned stock split.
Related Link: Chipotle Mexican Grill Q1 Earnings: Revenue Beat, EPS Beat, Comparable Sales Up 7% And More
Why It’s Important: Chipotle is one of the top-performing restaurant stocks over the last 10 years, gaining over 440%.
The stock has been a top performer since its 2006 IPO at $22 per share.
Chipotle beat analyst estimates for both revenue and earnings per share in the first quarter. The company also reported that comparable restaurant sales were up 7% year-over-year.
The company plans to open 285 to 315 restaurants in the current fiscal year, with around 80% coming with a Chipotlane, the company’s version of a drive-thru.
Chipotle’s first-ever stock split could make shares easier to obtain for employees and investors looking to buy whole shares instead of partial shares, given a current share price in the thousands.
CMG Price Action: Chipotle shares are up 1% to $3,233.48 on Tuesday versus a 52-week trading range of $1,768.64 to $3,463.07.
Read Next: Chipotle’s Stock Sizzles: Hits Record High After Stellar Q1 Earnings, Charts Indicate Further Bullish Momentum
Image: Shutterstock.
