Chipotle Mexican Grill Enters Oversold Territory

By Zacks Investment ResearchStock MarketsMar 03, 2020 09:52PM ET

www.investing.com/analysis/chipotle-mexican-grill-enters-oversold-territory-200513246

Chipotle Mexican Grill Enters Oversold Territory

By Zacks Investment Research | Mar 03, 2020 09:52PM ET

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Chipotle Mexican Grill, Inc. (NYSE:CMG) has been on a bit of a cold streak lately, but there might be light at the end of the tunnel for this overlooked stock. And for technical investors there is some hope when looking at CMG given that, according to its RSI reading of 24.42, it is now in oversold territory.

What is RSI?

RSI stands for ‘Relative Strength Index’ and it is a popular indicator used by technically focused investors. It compares the average of gains in days that closed up to the average of losses in days that closed down; readings above 70 suggest an asset is overbought, while an RSI below 30 suggests undervalued conditions are present.

Other Factors

Yet Chipotle Mexican Grill’s low RSI value isn’t the only reason to have some optimism over a coming turnaround, as there has been plenty of positive earnings estimate revision activity as of late. This is especially true when investors take a deep dive into some of these estimate revision stats and recent changes to Chipotle Mexican Grill’s earnings consensus.

Over the past two months, investors have seen 14 earnings estimate revision move higher, compared with 1 lower, at least when looking at the key current year time frame. And the consensus estimate for CMG has also been on an upward trend over the past 60 days, as estimates have risen by 3.8% over the last two months.

If this wasn’t enough Chipotle Mexican Grill also has a Zacks Rank #2 (Buy) which puts it into rare company among its peers. So, given all of these factors, investors may want to consider getting in on this stock now (or holding on), as there are some favorable trends that could bubble up for this stock before long. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Chipotle Mexican Grill, Inc. (CMG): Free Stock Analysis Report

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Chipotle Mexican Grill Enters Oversold Territory

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