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Tuesday, July 5, 2022

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Options start trading on El Pollo Loco

Let’s take a look at how options on El Pollo Loco (Ticker: LOCO) are trading on their first day. With less than 90 minutes to go in the trading session, options players have exchanged roughly 2,370 call and put options on LOCO, slightly favoring calls over puts and driving the call/put ratio to roughly 1.2 as of the time of this writing. The most traded contracts are the Aug 35.0 strike puts where roughly 705 lots have changed hands. Elsewhere, it is the Aug 35.0, 40.0 and the Sep 45.0 strike call options that saw much of the action. Call volume at each of these strikes exceeds 200 contracts.

Shares in El Pollo Loco are trading lower today, down 5.0% at $39.12 as of 2:35 p.m. ET, but off the day’s low of $37.55. The stock overall is up more than 100% since opening at $19.00 on July 24th, and well above its IPO price of $15.00.

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