Bulls Dining at Papa John’s (PZZA)

Shares of Papa John’s International Inc.

are higher on the session by 4.54%, currently trading at $24.37. The stock has been consolidating lower after a hard sell off in May and is finding bids today. Options traders are betting on further upside on the name today by selling puts. The October $22.50 strike was sold on the bid 1,000 times earlier in the session; open interest on the strike is 85 contracts, signaling new, bull positioning. Put volume is running at 59x the daily average with only 22% of puts being purchases on the offer. Papa John's International, Inc. (Papa John's) operates and franchises pizza delivery and carryout restaurants and, in certain international markets, dine-in and restaurant-based delivery restaurants under the name Papa John's.