Barclays analyst Jeffrey Bernstein said he believed that incremental visits by active users could turn back to single-store sales by low single digits.
"With that said, we remain very careful until we see stabilization in digital metric trends," he wrote in the note. "We have already seen a decline in trends in the days immediately after the launch, although this is expected."
Using LikeWeb data, Bernstein found that Chipotle averaged about 14,400 daily app downloads and 25,700 daily active users. Compared to averages over the last 12 months, that's an increase of 480 per cent for downloading daily apps and from 273 per cent for daily active users. LikeWeb data represents Android users only, but Barclays expects the trends for Apple users to be similar.
The company promoted the launch by joining Venmo, the digital wallet company, to put money away. Barclays found that the website created for the Venmo partnership had reached around 80,000 hits on its first day. The Chipotle website had an average of 105,000 visits a day over the last 12 months.
Less than a week after the launch, the company exceeded its millionth member, who won a year's worth of Chipotle.
Recently, the company's stock had exceeded $ 700 per share for the first time since 2015, when it was hit high before diving after a case of E. coli traced back to its restaurants. . The price of the share is a sign of investor trust in CEO Brian Niccol, who has been pushing digital investments since it took last year.
A Chipotle spokesman Laurie Schalow refused to comment, saying the company would not share any results from its loyalty program until April 24, when it announced its quarterly financial earnings.
WATCH: With Venmo chip teams encourage people to register loyalty schemes