Fiat Chrysler is repurposing at least one facility to manufacture masks to combat COVID-19
While more preventative measures are put in place to tackle to coronavirus pandemic, Fiat Chrysler Automobiles NV (NYSE:FCAU) announced it was in the process of converting its first plant into a hub that will create face masks to be donated to first responders and healthcare workers, and will be assisting children and families affected through charity work. The automaker expects supply to come within the next few weeks. At last check, FCAU stock is down 5.5% at $7.23, sinking alongside its sector after Moody's Investment Service sharply cut its 2020 automobile outlook.
Fiat Chrysler stock has suffered tremendously since hitting its early November highs. The stock is currently facing a 50% year-to-date deficit, a pullback that has been guided by the stock’s resistant 10-day moving average.
Still, analysts are approaching Fiat Chrysler with some optimism. Of the six analysts in coverage, four rate it a “strong buy,” while the remaining two analysts sport a “hold” position. Meanwhile, the consensus 12-month price target of $18.50 is an enormous 115% premium to its current levels.
At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), FCAU sports a 50-day put/call volume ratio of 1.70. This ratio ranks in the 98th percentile of its annual range, meaning long puts have been outpacing long calls at a much quicker-than-usual clip.