Lands' End Stock Attempts to Brush Off Lukewarm Q1 Report

LE has shed over 43% this year

Digital Content Manager
Jun 2, 2022 at 9:22 AM
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Land's End, Inc. (NASDAQ:LE) has joined the barrage or retailers putting out reports at the tail end of earnings season. The apparel company posted slimmer-than-expected first-quarter losses of 7 cents per share, though its revenue for the quarter missed expectations. Lands' End noted lower ecommerce sales, and issued a full-year earnings outlook that was mostly below analysts' estimates. 

LE initially plummeted following the lukewarm report, but has managed to erase those losses and was last seen up 2.8% at $11.45. Coming into today, the stock was traveling dangerously close to its 21-month low of $10.00 and sported a 43.3% year-to-date deficit. Plus, with pressure emerging at the 20-day moving average, Lands' End stock just locked in its seventh-straight monthly loss in May, as well as its biggest one-month drop since September 2021. 

Short-term options traders were incredibly call-biased ahead of the event. This is per LE's Schaeffer's put/call volume ratio (SOIR) of 0.39, which sits lower than all other readings from the past year. 

On the other hand, short sellers have been targeting LE in droves. Short interest shot up 60.2% in the last reporting period, and the 1.81 million shares sold short make up 13.7% of the stock's available float, or nearly two weeks' worth of pent-up buying power. 

 

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