Options traders are placing heavy bets against Chipotle Mexican Grill ahead of its earnings report, with trading activity surging and put options far outnumbering calls.
The activity included a transaction involving 56,000 puts shifted from a $25 strike price expiring November 6 to $22.50 puts expiring in mid-December.
Another trader purchased 7,500 put options with a $28 strike price expiring November 20, representing a $1.1 million bearish position that would benefit if the stock fell further.
Jason DeLorenzo, founder of options analytics platform Volland, told the report that customers appeared generally bearish ahead of earnings.
Traders are also watching the $27 price level, which technical analysts associate with a long-running head-and-shoulders pattern. DeLorenzo noted that similarly low pre-earnings expectations preceded a sharp stock decline in July 2025.
Related Tweet:
Traders are betting big against this restaurant giant into earnings https://t.co/0rJLwAKOZh
— CNBC (@CNBC) October 28, 2026
Also Read:
TIPP Staff
