Chipotle Mexican Grill's founder and Co-CEO Steve Ells has sold 40,000 company shares for a total of $5.57 million.
The company's Co-CEO Monty Moran has sold 19,000 shares for $2.56 million. Meanwhile, the company's CFO, Jack Hartung, has sold 10,000 shares for $1.44 million.
Ells sold shares April 13, April 6, March 12, March 2, and Feb. 20, and Jan. 14, 11 and 8 of this year. Moran sold shares April 13, April 6, March 12, and Feb. 20. Meanwhile, Hartung sold shares April 23 and Jan. 14, 11 and 8 while he purchased shares Jan. 14, 11 and 8.
As of April 22, Ells owned 265,761 direct shares of Chipotle stock. Moran owns 135,926 direct shares while records indicate Hartung owns 20,793 direct shares plus 224 indirect shares through his children.
The most recent sales were filed April 23 at the Securities and Exchange Commission. While it's difficult to speculate why the shares were sold, it's possible they were tied to performance-contingent restricted stock awards.
For the company's first quarter 2010, revenue increased 15 percent to $409.7 million while same-store sales jumped 4.3 percent. During the company's first quarter 2009, same-store sales were up 2.2 percent while revenue was reported at $354.5 million.
In Q1 2010, the company also opened 20 new locations for a systemwide total of 976.
After its Q1 earnings release, shares jumped to a 27-month high. As of 10:30 a.m. Eastern time, shares were $142.71. For the 52-week period, shares have ranged from $71.30 to $145.59.
