Be fearful when others are greedy. If this was a pizza joint down the block no rational investor would purchase the entire business growing at 15% per year at 3 times that growth rate. Using any DCF or valuation method you want it this price for CMG is grossly overpaying for a business. You are buying a 2.08% earnings yield right now based on forward projections. At 15% growth it will take a long time for this investment to make sense.
That sense CMG (like TSLA, AMZN, NFLX) has now disconnected from the company underlying it. These are all now trading tickers. Momentum tickers. The earnings (a miss by CMG in this case or same with AMZN) are no longer relevant. What matters is that it keeps going up and the chart and momentum players will continue to pile on. This will happen until it stops. Could be a week, month or years. You never know with these. At some point though it WILL matter.
I do not recommend shorting these names. I sold most of my CMG. Playing with the houses money. At these levels it makes no sense to wait for the day when the ticker jockey's run to the next ticker