Wingstop Shares Breach Key Moving Average After Downgrade

SBH shares are also sinking after a downgrade

Oct 24, 2018 at 3:17 PM
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Stocks have fallen into the red today despite a strong start to the session. Three names making notable moves are restaurant chain Wingstop Inc (NASDAQ:WING), social media concern Snap Inc (NYSE:SNAP), and salon supplies retailer Sally Beauty Holdings, Inc. (NYSE:SBH). Here's what moving shares of WING, SNAP, and SBH today.

WING Stock Down After Bear Note

WING shares are down 4.5% at $66.53, set for their first close below the 50-day moving average since early August, after Stifel downgraded the stock to "hold" from "buy." The brokerage firm also lowered its price target to $75 from $80. Wingstop touched an all-time high of $75.58 a week ago, and still sports a year-to-date lead of 82.8%.

Short sellers are hoping there's more downside ahead. For instance, over 14% of the float is sold short, and going by average daily trading volumes, it'd take almost nine sessions for these bears to cover their positions.

SNAP Shares Slip After C-Suite News

SNAP stock is down 0.4% at $6.83, even after news the company named Amazon's head of advertising Jeremi Gorman as its chief business officer. The move comes ahead of Snap's earnings release, scheduled for after the close tomorrow, Oct. 25. The shares are hovering near 52-weeks lows ahead of the event, losing half their value over the past year. As such, most analysts are skeptical of the security, with 21 of 25 in coverage handing out "hold" or "strong sell" recommendations.

Sally Beauty Gets Another Bear Note

SBH shares are down 5.7% at $17.02, after Jefferies lowered its rating to "underperform" from "hold," and reduced its price target to $13.50 from $14. The brokerage firm called the company's decision to stretch its leverage "reckless." The stock is sitting in a peculiar spot on the charts; while it recently topped out near its January highs around $19, it's now seemingly finding support near the 200-day moving average, a trendline that had acted as resistance throughout most of the year.

All other analysts are already steadfastly in the bears' corner, with all 11 in coverage handing out "hold" or worse recommendations on Sally Beauty Holdings. Plus, short interest is extremely high, representing 23.2% of the float.

 

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