Progressive Stock Petering Out Following Analyst Downgrade

Puts have been picked up at a quicker-than-usual rate of late

Deputy Editor
Apr 19, 2021 at 10:43 AM
facebook X logo linkedin


The shares of Progressive Corp (NYSE:PGR) are down 0.8% to trade at $97.99 at last check, after a downgrade from Raymond James to "outperform" from "strong buy." Today's dip has the stock further faltering from its recent peak at the $101 level, which wasn't too far from its Oct. 13 all-time high of $102.05. 

Coming into today, nine of the 14 in coverage carried a "hold" or worse rating on the stock, with the remaining five a "strong buy." Meanwhile, Progressive stock's 12-month consensus price target of $102.60 -- which would mark a new all-time high -- is a 5.1% premium to current levels. 

Over in the options pits, PGR's 50-day put/call volume ratio of 0.54 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) stands in the 94th percentile of readings from the past year. This indicates that while calls are outnumbering puts on an absolute basis, option traders are picking up puts at a much faster-than-usual rate. 

Now looks like a good time to weigh in with these options, too. The stock's Schaeffer's Volatility Index (SVI) of 2% stands higher than 4% of readings in its annual range, implying that options players are pricing in low volatility expectations at the moment.

 

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI