Shoe Carnival Stock Plummets Despite Beat-and-Raise

The retail stock is down more than 27% in 2022

Deputy Editor
May 18, 2022 at 10:11 AM
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Footwear retailer Shoe Carnival, Inc. (NASDAQ:SCVL) is plummeting today, last seen down 12.2% at $28.08. This negative price action comes despite the company's upbeat first-quarter top- and bottom-line results. Specifically, Shoe Carnival posted earnings of 95 cents per share, which beat estimates by 9 cents, and revenue win. In addition, the company hiked its full-year profit outlook.

On the charts, SCVL earlier hit a fresh annual low of $26.61. The shares kicked off 2022 not too far off from a Nov. 18, record high of $46.20, but the stock's subsequent pullback now has it sitting 27.6% below its year-to-date breakeven mark. Longer term, the equity is down 10.8% in the last 12 months.

A look at the options pits shows a preference for puts in the last 10 weeks. SCVL sports a 50-day put/call volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits in the 76th percentile of its 12-month range. In other words, long puts have been much more popular than usual of late. 

Shoe Carnival stock may be the perfect opportunity for options traders looking for a bargain. This is per the security's Schaeffer's Volatility Index (SVI) of 63%, which sits higher than just 20% of readings from the last year, meaning options players are now pricing in relatively low volatility expectations.


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