Jack in the Box stock popped over 3 percent after a filing from Jana Partners on Tuesday revealed the firm bought 1.3 million shares in the quick-service restaurant chain.
Jana's stake in Jack in the Box was worth $134 million as of the end of September, according to the SEC filing.
The firm is an activist hedge fund that earlier this year took a big stake in Whole Foods and pushed it to consider a sale. after Whole Foods agreed to be acquired by Amazon.com.