Coca-Cola Stock Jumps to Annual Highs After Earnings

Options traders are chiming in at full force

Deputy Editor

Jul 21, 2021 at 11:13 AM

The shares of Coca-Cola Co (NYSE:KO) are up 2.3% to trade at $57.13 at last check, after the blue-chip soda giant posted better-than-expected second-quarter earnings of 68 cents per share, as well as a revenue beat. Furthermore, the company raised its full-year guidance. In response, CFRA raised its price target to $58 from $54 for Coca-Cola stock.

Today's pop has KO jumping to a fresh annual high, and breaking past pressure at the $56 level. Year-to-date, Coca-Cola stock is up around 4%.

Analysts are leaning bullish on Coca-Cola stock. Of the 14 in coverage, nine carry a "buy" or better rating, with the remaining five a tepid "hold."

Elsewhere, Coca-Cola stock is seeing a flurry of activity in the options pits. So far today, 47,000 calls and 17,000 puts have crossed the tape -- four times the intraday average. Most popular is the weekly 7/23 57.50-strike call, where new positions are being opened.

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