TGT short sellers are hoping for a retreat to new lows
Target Corporation (NYSE:TGT) shares are down on the biggest online shopping day of the year, after the firm reported website outages due to heavy Cyber Monday traffic. The equity was last seen 1.3% lower at $72.52, and the recent influx of short sellers are likely hoping for a retreat to new lows.
Short interest on TGT surged nearly 27% during the past two reporting periods, and now accounts for 5.7% of the stock's total available float. At the security's average daily trading volume, it would take seven sessions to repurchase these pessimistic positions.
Near-term option traders are more put-heavy than usual, too. The stock's Schaeffer's put/call open interest ratio (SOIR) of 1.23 stands higher than 88% of all other readings from the past year.
On the charts, Target Corporation (NYSE:TGT) hasn't done a whole lot to inspire confidence. The shares hit an annual low of $68.15 on Nov. 18, as reports of slow online sales growth overshadowed an
upwardly revised full-year forecast. While TGT muscled higher during the holiday-shortened week, with help from
encouraging early Black Friday numbers, the stock continues to stare up at its formerly supportive 320-day moving average -- currently in the $75 vicinity -- which could translate into a short-term speed bump.