Sony unveiled its PlayStation 5 and several new video game titles
Japan-based electronics giant Sony Corp (NYSE:SNE) just unveiled its highly anticipated PlayStation 5 game console yesterday evening, along with over a dozen new titles including a "Spider-Man" sequel. A price for the console has not yet been announced but it will be available to the public ahead of the holiday season. In response, SNE is up 2.6% to trade at $69.12.
Earlier in the week, SNE notched a four-month high of $70.19, before the broader market's nosedive sent the equity pivoting away from this level. Yesterday's losses were kept in check, for the most part, by the 10-day moving average, keeping Sony stock at a 12-month lead of 36.4%.
The sentiment surrounding SNE is overwhelmingly optimistic, with all six in coverage calling it a "strong buy." Plus, the consensus 12-month price target of $74.08 is a roughly 10% premium to last night's close.
Extreme optimism can be seen in the options pits too. In the last 10 days, 56.93 calls were picked up for every put at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio sits in the top percentile of its annual range, suggesting these treaders haven't been more bullish in the past 12 months.