NEW YORK (TheStreet) -- Chipotle Mexican Grill (CMG) - Get Report stock closed up by 1.34% to $466.15 on Wednesday, as the Mexican food chain considers entering the burger chain market, Bloomberg reports.
The Denver-based company filed an application to trademark the "Better Burger" name for a burger-focused restaurant concept, a spokesman told Bloomberg.
"It's a growth seed idea we are exploring," the spokesman said, according to Bloomberg. "We have two non-Chipotle growth seeds open now -- ShopHouse and Pizzeria Locale -- and have noted before that the Chipotle model could be applied to a wide variety of foods."
Separately, Chipotle has a "hold" rating and a letter grade of C+ at TheStreet Ratings because of the company's strengths, such as respectable return on equity, and its weaknesses, including generally disappointing stock performance, unimpressive growth in net income and poor profit margins.
You can view the full analysis from the report here: CMG
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.