Under Armour Stock Boosted on Bull Note

Calls have been popular in the options pits

Deputy Editor
Jul 24, 2020 at 11:50 AM
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Under Armour Inc (NYSE:UAA) is up 2.2% at $11.11 at last check, after Deutsche Bank placed a "Catalyst Call Buy" on the stock. The analyst in coverage believes UAA's second-quarter earnings, due out at the end of next week, will beat analyst estimates thanks to healthy lifestyle trends and store reopenings. 

On the charts, UAA is currently contending with its descending 120-day moving average. Also, it's nearing the $11-$12 region, an area that has rejected any rallies since mid-March. Year-to-date, the equity is down 48.5%. 

UAA July 24

On the analyst front, 18 of the 25 in coverage sport a "hold" rating coming into today, with four at a "strong buy" and three at a "sell" or worse. Meanwhile, the consensus 12-month target price of $9.27 is a 16.6% discount to current levels. 

The options pits are looking much more bullish, per UAA's Schaeffer's 50-day call/put volume ratio of 3.13 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio stands higher than 98% of all other readings from the past year, suggesting long calls are much more popular than usual. 

 

 

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