HOG's second-quarter earnings and revenue topped expectations
Harley-Davidson Inc (NYSE:HOG) stock is surging this morning, last seen up 6.4% at $36.50, following the motorcycle giant's second-quarter earnings report. The company posted a rise in quarterly profit to $1.46 per share, topping analysts' estimates. HOG's revenue for the quarter also beat expectations, while it reaffirmed its previous full-year forecast, even after a recent two-week pause in production hurt sales.
The security has been struggling to rally away from its June 16 nearly two-year low of $29.80, with the 80-day moving average putting pressure on its mid-July rally. The $33 level looks to have stepped in as a potential floor for the equity, however, and HOG is set to snap a four-month losing streak, should these gains hold. Year-to-date, Harley-Davidson stock has shed roughly 9%.
Analysts have yet to chime in though sentiment surrounding the security was hesitant coming into today. Of the seven analysts in coverage, all but one call HOG a "hold." Meanwhile, short sellers have been hitting the exits dropping 18.7% in the last two reporting periods. There's additional pessimism to be unwound here, though, as the 7.19 million shares sold short make up 4.9% of the stock's available float, or a little under four days' worth of pent-up buying power.
Short-term options traders have also taken a bearish stance, and have been particularly put-biased of late. This is per Harley-Davidson stock's Schaeffer's put/call open interest ratio (SOIR) of 1.93, which sits higher than 87% of readings from the past year.