Checking in With FedEx Stock Ahead of Earnings

FDX has a mixed history of post-earnings reactions

Digital Content Manager
Jun 21, 2022 at 12:26 PM
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Shipping giant FedEx Corporation (NYSE:FDX) is gearing up to report fiscal fourth-quarter earnings after the close this Thursday, June 23. The stock earlier surged to the $236 level, which has acted as both pressure and support on the charts since FedEx stock's post-earnings bear gap in September 2021, but was last seen flat -- up less than 0.1% to trade at $230.

fdx june 21

Post-earnings reactions during the past two years have been mixed, with four of its past eight reports yielding a positive return, including an 11.7% jump back in August 2020. FDX has averaged a 6.4% swing, regardless of direction, during this time period. This time around, the options pits are pricing in a larger 8.9% next-day move. 

Sentiment among FedEx options players has been bearish of late. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock sports a 10-day put/call volume ratio of 1.47, which sits higher than 93% of readings from the past year. In other words, puts are being picked up at a quicker-than-usual clip. 

Meanwhile, analysts have taken a more optimistic stance. Of the 13 in coverage, all but four call it a "strong buy," with not a "sell" to be seen. Plus, the 12-month consensus price target of $286.89 is a 24.8% premium to current levels. 

 

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