Several Reasons to Target This Outperforming Retail Stock

YETI looks ripe for a short squeeze, too

Deputy Editor
Dec 19, 2023 at 11:44 AM
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Yeti Holdings Inc (NYSE:YETI) stock has gone on a run up the charts, up 24% in December alone. Last seen 1.9% higher to trade at $52.94 and earlier touching an annual high of $53.22 -- its highest mark since August 2022 -- YETI is on track for its 10th-straight win. Now up nearly 30% over the last 12 months, things might get even better for Yeti stock with a bullish signal flashing on the charts.

The equity's latest peak comes amid historically low implied volatility (IV), which is a historically bullish combination for Yeti stock in the past. Per data from Schaeffer's Senior Quantitative Analyst Rocky White, there were six similar signals over the past five years when the security was trading within 2% of its 52-week high, while its Schaeffer's Volatility Index (SVI) stood in the 20th percentile of its annual range or lower. This is currently the case with YETI's SVI of 34%, which sits in the 12-th percentile of its year-over-year range.

White's data shows that one month after these signals, the equity was higher 50% of the time, averaging a 3.8% return for that period. From its current perch, a move of similar magnitude would put YETI just shy of the $55 mark, an area that eluded the stock back in August 2022.

YETI Chart December 192023

The equity looks ripe for a short squeeze, too, which could push Yeti stock even higher. Short interest is up 6.5% over the last two weeks, and the 11.31 million shares sold short still account for 13.1% of the stock's available float, or over eight days' worth of pent-up buying power.

On Thursday, Dec. 14, Stifel raised its price target on YETI to $43 from $40. However, the brokerage bunch overall leans bearish, so a shift in sentiment could produce additional tailwinds. The average 12-month price target of $47.63 is a 10% discount to the security's current perch and 10 of 17 covering brokerages rate Yeti stock a "hold" or worse, leaving room for more price-target hikes and/or upgrades.

 

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