Don't Bet on a Dip for Dick's Sporting Goods Stock Just Yet

DKS has managed to remain near its post-earnings highs

Deputy Editor
Mar 19, 2024 at 2:49 PM
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Dick's Sporting Goods Inc (NYSE:DKS) stock is enjoying a small boost today, after UBS raised its price target to $215 from $142. The shares remain near their March 14 record high of $222.92, which occurred after the retailer posted its largest sales quarter on record. At last glance, DKS was up 1.4% at $215.94, and sporting a roughly 47% year-to-date gain. 

DKS March19

The stock could continue higher as well, given its setup. Dick's Sporting Goods stock's recent peak comes amid historically low implied volatility (IV), as its Schaeffer's Volatility Index (SVI) of 28% ranks in the low 7th percentile of its annual range.

According to Schaeffer's Senior Quantitative Analyst Rocky White, DKS seen seven signals over the past five years when it was trading within 2% of its 52-week high, while its Schaeffer's Volatility Index (SVI) sat in the 20th percentile of its annual range or lower, as is currently the case. The stock was higher one month later after 86% of these signals, averaging an 8% gain. 

An unwinding of pessimism could provide support as well. Of the 19 analysts in coverage, 10 carry a "hold" rating, while the 12-month consensus price target of $223.40 is a chip-shot away from current levels. Furthermore, short interest still represents 10.9% of the stock's available float, and would take nearly six days to cover at DKS' average pace of trading. 

 

 

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