Signet Jewelers Stock Pivots Lower Despite Earnings Win

Short-term options traders have been bearish of late

Fernanda Horner

Digital Content Manager

Sep 1, 2022 at 9:24 AM

Signet Jewelers Ltd. (NYSE:SIG) is down 0.2% at $27.85 ahead of the open after the company reported second-quarter earnings of $2.68 per share -- higher than estimates of $2.59 per share -- and a revenue beat. However, comparable-store sales missed expectations and the company slashed its full-year 2023 outlook.

The security failed to conquer the $72 level twice in August, and yesterday nabbed its fourth-straight daily drop. However, support at its 30-day moving average contained this pullback. The shares have added 22.3% quarter-to-date, but so far in 2022 SIG is down 24.9%.

Despite short interest being down 15.7% in the most recent reporting period, Signet Jewelers stock remains heavily shorted. The 6.09 million shares sold short account for 13.5% of the equity's available float, or over one week's worth of pent-up buy power.

Short-term options traders have been favoring puts of late. This is per the security's Schaeffer's put/call open interest ratio (SOIR) of 1.36, which stands in the high 97th percentile of annual readings.

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