Activist investor Dan Loeb’s Third Point LLC seemed to be pivoting its focus on consumer-facing companies as it acquired a stake in Chipotle Mexican Grill Inc. (NYSE:CMG) in the fourth quarter of 2025.

According to a recent 13F filing, reflecting his holdings as of Dec. 31, 2025, Third Point bought a 4.75 million stake in the fast-casual restaurant chain company.

The shares, valued at about $174.8 million, mark one of the firm’s largest fresh consumer-facing investments of the quarter.

Fourth-Quarter Earnings Release

Earlier this month, Chipotle reported Q4 revenue of $2.98 billion, beating analyst estimates of $2.96 billion and adjusted earnings of 25 cents per share, beating estimates of 24 cents per share.

Chipotle expects full-year 2026 comparable restaurant sales to be "about flat." The company expects to open between 350 and 370 new restaurants in 2026, with around 80% including a Chipotlane.

Given the meek outlook, several analysts slashed their rating on the stock following the earnings announcement.

Maintaining an Overweight rating, Piper Sandler analyst lowered the price target from $47 ...