Short-term options traders are very put-skewed on Shopify stock
Analysts are weighing in on e-commerce specialist Shopify Inc (US) (NYSE:SHOP), utilities stock Consolidated Edison, Inc. (NYSE:ED), and farming products retailer Tractor Supply Company (NASDAQ:TSCO). Here's a quick roundup of today's bearish brokerage notes on shares of SHOP, ED, and TSCO.
SHOP Stock Gets Downgraded
Shopify stock was downgraded to "neutral" from "buy" at Goldman Sachs, though Eight Capital raised its price target to $105 from $100 -- north of the stock's record high of $100.69 from Friday. SHOP fell as low as $87.40 out of the gate, but has since reversed higher, up 0.6% at $89.39. Longer-term, Shopify stock is up over 200% year-over-year. Short-term options traders are overwhelmingly put-skewed nonetheless. This is according to SHOP stock's Schaeffer's put/call open interest ratio (SOIR) of 1.98. Not only does this show put open interest nearly doubling call open interest among options expiring within three months, but it ranks in the high 92nd percentile of its annual range. In other words, such a put-skew is very unusual.
Analysts Stay Bearish on ED Stock
Jefferies downgraded Consolidated Edison stock to "hold" from "buy," and lowered its price target to $83.50 from $88. As such, ED shares are off 0.5% at $82.87. Longer term, the stock has been strong, touching an all-time peak of $83.99 on June 2, and Consolidated Edison stock has actually been one of the best to own during Fed weeks, historically. Bearish analyst attention is nothing new, though. In fact, eight of the nine covering brokerage firms rate Consolidated Edison a "hold" or "strong sell."
TSCO Stock Sinks After Bear Note
Tractor Supply stock is down 1.8% today at $56.70, following a price-target cut to $65 from $77 at SunTrust Robinson. Despite a recent bounce from their four-year low of $52.85 from May 24, TSCO shares remain almost 39% lower year-over-year. In the meantime, short interest continues to increase. Specifically, short interest on Tractor Supply rose by 13% in the last reporting period alone.