Cramer: Has Chipotle gotten its mojo back?

(Click for video linked to a searchable transcript of this Mad Money segment)

If Wall Street is anything it's quirky – especially when it comes to growth stocks trading well into the triple digits.

Some investors derive a perverse sense of pleasure watching a high flier fall. Others really enjoy watching that former high-flier, rise up again.

And when it comes to the price action of Chipotle, the stock has a little something for everyone. That is, "In April of last year, Chipotle got hit and hit hard, with the stock ultimately falling from highs near $450 down to lows in the $230s," Cramer explained.

At issue was growth.

Although sales continued to increase, they increased at a slower than expected rate leading some investors to question whether cash-strapped Americans would be willing to pay up for the chain's gourmet burritos and burrito bowls that are typically priced higher than restaurant items in McDonald's or Burger King.

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However, since October the stock has been slowly working its way higher with shares again trading above $400 after Chipotle reported earnings on Thursday.

"What was so great about the quarter?" Cramer mused. "Chipotle's 5.5% increase in same store sales.

"It was much higher than the 3.8% increase that the analysts were looking for," Cramer explained.

Chipotle/Twitter

"Meanwhile, they opened 44 new locations this quarter, eight more than the analysts were expecting, bringing the total store count to 1,502. And perhaps most important, management is now forecasting low to mid single digit same store sales growth going forward, much better than the flat to low single digit growth they predicted last time," Cramer said.

All told, the results seem to confirm that Chipotle's customer base is growing; and therefore it confirms the willingness among bulls to award Chipotle a P/E ratio of 40 times earnings. All told, Cramer thinks there's only one conclusion to extract from the earnings.

"Yep, Chipotle's got its mojo back," said Cramer. "No question."

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