La-Z-Boy Stock Extends Rebound on Record Sales Numbers

The security has been in rally mode since its early October lows

Digital Content Manager
Nov 17, 2021 at 9:34 AM
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    The shares of La-Z-Boy Incorporated (NYSE:LZB) are up 6.2% at $39.70 this morning, following the furniture manufacturer's fiscal second-quarter earnings and revenue topped analysts' estimates. La-Z-Boy also shared record-breaking sales, adding that it has been able to fulfil orders with a "significant" backlog. 

    The stock has been in rally mode for the past couple months after hitting an annual low of $31.92 on Oct. 1, already up over 16% in the fourth quarter. The security could topple its year-to-date breakeven level today, as well as recent pressure at the 320-day moving average. 

    Analysts have yet to chime in, and that front has remained relatively quiet, with one brokerage at a "buy," and one at a "hold." Meanwhile, the 12-month consensus price target of $52.50 is a 32.4% premium to last night's close. 

    Options traders, meanwhile, have been more bearish than usual. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock sports a 50-day put/call volume ratio that stands higher than 83% of readings from the past year. This means long puts have been picked up at a quicker-than-usual clip. 

     

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