Video Game Stock at Three-Year Lows After Earnings

Analysts slashed price targets, while call and put traders seek TTWO direction

Deputy Editor
Nov 8, 2022 at 10:10 AM
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Video game stock Take-Two Interactive Inc (NASDAQ:TTWO) is down 10.8% to trade at $96.75 at last glance, following the company's fiscal second-quarter financial report. Take-Two Interactive reported earnings and revenue that fell short of Wall Street's estimates, while also lowering its booking outlook for the year after reporting weak mobile and in-game sales.

Following the results, no less than nine analysts slashed their price targets, with Credit Suisse moving the lowest to $122. The 12-month consensus price target of $143.15 is now a 48% premium to current levels, leaving room for even more price-target cuts to roll in. There's room for downgrades, too, as 18 of 23 analysts still rate Take-Two Interactive stock a "buy" or better.

Options traders are responding from both sides of the aisle. So far, 7,445 calls and 7,265 puts have crossed the tape, with total volume running at 31 times the intraday average amount. The weekly 11/11 100-strike calls is the most active contract, followed by the 92-strike put in the same series, and new positions are opening at both. 

Today's drop has Take-Two Interactive stock trading at more than three-year lows. The equity is pacing for its seventh-straight daily loss and its worst single-session percentage dip since January. TTWO now sports a roughly 50% year-to-date deficit.

 

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