Why Portillo's Stock Crashed Tuesday Morning
This stock sale isn't what investors might think.
Shares of Portillo's (NASDAQ: PTLO) plunged on Tuesday, with the stock falling as much as 10.2% in early trading. As of 11:34 a.m. ET, the stock was still down 5.9%.
The catalyst that crushed the fast-casual restaurant stock was the announcement of a large block stock sale, but it's important to understand the details, as this was not a secondary offering.
Image source: Portillo's.
