Portillo’s stock gains after report activist Engaged Capital has stake

Portillo’s Hot Dog Restaurant ChainNASDAQ:PTLO) Up 3% After a report that activist firm Engaged Capital has raised a stake of around 10% and is pushing for changes.

The activist is talking to management about improving operations, margins and brands as the Chicago-based chain operates. Expanding nationally, according to CNBC Report Thursday, citing people familiar with the matter.

Talks between Engaged and Portillo (PTLO) have been constructive, and the activist is not looking for a change in leadership, according to the report.

Portio (PTLO) shares are down 25% this year and down 60% since Portio (PTLO) went public in 2021.

Engaged says Portillo’s (PTLO) should be worth at least 100% more than its current value.