Market News

November 28, 2016  Mon 6:14 AM CT

Traders are hungry for more gains in the Fiesta Restaurant Group.

OptionMonster's tracking program detected the purchase of 3,000 March 30 calls for $2.90 to $3 on Friday. Volume surpassed open interest of 691 contracts, an indication new money was put to work.

Long calls lock in the price where investors can buy stock, allowing them to profit from a rally with limited capital at risk. Their cheap cost can also generate significant leverage on a percentage basis if shares move in the right direction. (See our Education section)

FRGI rose 0.17 percent to $29.40 on Friday and is up 28 percent in the last three months. The Latin-themed restaurant operator is expected to report earnings after the close on Feb. 23.

Overall option volume was 16 times greater than average on Friday.

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