The company announced that digital gaming head Chris Cocks will become the new CEO
Toymaker Hasbro Inc (NASDAQ:HAS) is highlighted today, after news from yesterday afternoon that the company promoted digital gaming chief Chris Cocks to CEO, effective Feb 25. Rich Stoddart, interim CEO since the death of Brian Goldner last October, will become chairman of the board.
Yesterday, Hasbro stock surged to an annual high of $105.73 before pulling back to a modest loss -- snapping a five-day win streak -- amid news that the company is partnering with Creative Kids. The equity has been moving higher since bouncing off solid support at the $96 level, which is home to several long-term moving averages, including the 140-day trendline. Today, HAS is trading flat, up just 0.04% at $103.36.
Of the six analysts in coverage, four carry a "strong buy" rating on Hasbro stock, with two a tepid "hold." Meanwhile, there is plenty of short covering potential that could push the stock higher. Short interest makes up 4.9% of the stock's available float, and would take over seven days to cover, at HAS' average pace of trading.
Now could be a good time to weigh in on the security's next move with options. The stock's Schaeffer's Volatility Index (SVI) of 25% stands higher than 18% of all other readings in its annual range, implying that options players are pricing in low volatility expectations at the moment.