Chipotle Mexican Grill Inc. ( CMG ) shares are trading lower Thursday, possibly following the company’s recent 50-for-1 stock split, which became effective after market close on Tuesday.

What Happened: Shareholders of record as of June 18 received 49 additional shares for each share held, marking Chipotle’s first stock split in its 30-year history. This move was aimed at enhancing accessibility to the stock for both employees and a broader range of investors.

Chipotle’s stock began trading on a post-split basis on Wednesday, and while the split is intended to increase accessibility, the stock is currently seeing a decline in early trading. CEO Brian Niccol emphasized the split as a way to celebrate employee achievements and broaden ownership opportunities within the company.

Despite the initial decline, Chipotle remains a prominent player in the food industry. The company operates nearly 3,500 restaurants globally and continues to innovate in digital, technology and sustainable business practices.

CMG Price Action: Chipotle shares were down 5.19% at $62.44 at the time of writing, according to Benzinga Pro.

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