Bears Size Up Beyond Meat Stock Before Earnings

Put volume is running at triple the intraday average

Digital Content Manager
May 9, 2023 at 2:36 PM
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Beyond Meat Inc (NASDAQ:BYND) stock is down 6% at $12.23 this afternoon, ahead of the company's first-quarter earnings report, which is due out after the close tomorrow. Shares of the plant-based meat maker earlier hit their lowest level of 2023, as they continue to struggle with pressure from the 20-day moving average, which emerged in mid-March. Currently looking to snap a three-day win streak, BYND is down more than 60% year-over-year.

BYND 20 Day

Though Beyond Meat stock has a mixed post-earnings reaction track record, it finished three of its last eight next-day sessions with a double-digit percentage gain, including a 21.9% win in August. The security averaged a move of 10.9% over the past two years, regardless of direction, but this time the options pits are pricing in a much bigger-than-usual move of 25.6%.

Options bears are placing their bets, with 20,000 puts exchanged so far today, or triple the intraday average volume, compared to 7,746 calls. Most popular is the May 12 put, followed by the 8.50 put in that same series, with positions being bought to open a both.

This penchant for bearish bets has been the norm lately. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 10-day put/call volume ratio of 3.23 sits higher than 99% of readings from the past year.

It's worth noting the equity's Schaeffer's Volatility Scorecard (SVS) ranks at 85 out of 100. In other words, Beyond Meat stock has generally exceeded volatility expectations over the past year.

 

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