Why Portillo's (PTLO) Shares are Down 18% Today

Shares of Portillo’s (NASDAQ: PTLO) are down more than 17% in today’s trading session after the company reported disappointing results in its first quarterly report since going public.

Portillo's reported Q3 EPS of $0.01, a big miss compared to the analyst estimate of $0.08. Revenue for the quarter came in at $138 million, somewhere in line with the consensus estimate of $138.05 million.

Michael Osanloo, President and Chief Executive Officer of Portillo’s, said “Our third quarter results demonstrated the resiliency of our brand as we posted solid top line growth and grew our same restaurant sales by almost 7%.

Portillo’s made its public debut in October when it sold shares at $20.00 apiece to raise funding. Shares exploded in the meantime to trade at $54.22 on Wednesday.

Out of 9 analysts who started research coverage on PTLO since the IPO, 5 are positive while 4 decided to stay on the sidelines given the run-up in Portillo’s shares.

As of yesterday, Portillo’s stock was up 86% YTD.

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