The firm lowered its full-year forecast amid coronavirus-related headwinds
Canada-based apparel concern Canada Goose Holdings Inc (NYSE:GOOS) is down 7.8% at $30.70 in electronic trading -- set for its lowest open since late-2017 -- following a lackluster turn in the earnings confessional this morning. While the down coat creator posted fiscal-third-quarter earnings and revenue that exceeded analysts' estimates, it also slashed its annual revenue and profit forecasts for 2020, citing coronavirus-related headwinds.
On the charts, GOOS has chopped lower since the second half of 2019, when it's attempt to close its late-May bear gap ran out of steam just below its 170-day moving average. The trendline has since served as a descending ceiling on the charts, guiding the security into a 40% year-over-year loss coming into today.
Analysts have yet to chime in on GOOS' move, but there's still room for downgrades, with two of the five in coverage calling the equity a "strong buy," and not a single "sell" on the books. Meanwhile, the consensus 12-month price target of $48.60 is a 57.7% premium to last night's close.
Short sellers are likely cheering today. In the past reporting period short interest has surged 30.7%. This puts short sellers firmly in control, with the 18.67 shares sold short representing a whopping 32% of the stock's available float, or eight days of trading at the stock's average daily pace.