ETSY and CTVA are both moving lower after analyst attention
Amid a market volatility, two stocks are sliding after receiving analyst attention: Etsy Inc (NASDAQ:ETSY) and Corteva Inc (NYSE:CTVA). Though Evercore ISI moved Etsy to its "Tactical Underperform" list due to short-term headwinds, the brokerage firm maintained its "outperform" rating. In addition, MoffettNathanson initiated coverage of the equity with a "market perform" rating and $116 price target. At last check, ETSY is down 4.2% at $120.05.
Meanwhile, UBS downgraded CTVA to "neutral" from "buy," with a price-target hike to $73 from $70. The stock has been outperforming on the charts, up 38.7% year-to-date, but the firm believes that its positives are already priced in. CTVA was last seen down 2% to trade at $65.36.
In the last 10 weeks, ETSY has seen 1.51 puts for every call at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). It is also worth noting that the stock's Schaeffer's Volatility Scorecard (SVS) sits at an elevated 83 out of 100, meaning the security has exceeded option traders' volatility expectations during the past year.
Corteva stock is seeing some bearish options volume of its own today, with puts running at double the typical intraday amount. The November 35 put accounts for most of this activity.