Dick's Sporting Goods Reports Q3 Beat-and-Raise

The company also posted a 6.5% pop in same-store sales

Deputy Editor
Nov 22, 2022 at 9:30 AM
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Dick's Sporting Goods (NYSE:DKS) revealed third-quarter financial results before the market's open today. The sporting goods retailer posted adjusted earnings of $2.60 per share on revenue of $2.959 billion, both of which beat Wall Street's estimates. In addition, the company reported an unexpected 6.5% pop in same-store sales after analysts predicted a 2.2% decline. In response to the upbeat results, Dick's Sporting Goods hiked its full-year 2022 outlook. 

The shares initially surged roughly 7% following the results, but DKS was last seen sporting a 0.5% premarket lead to trade at $107.50. The equity has steadily traded between $120 and $102 since August, though last week's pullback below the latter level was caught by the 140-day moving average. Year-over-year, Dick's Sporting Goods stock is down 22.8%.  

Analysts have yet to weigh in, but the majority are bullish towards DKS. Of the 18 analysts in coverage, 11 recommend a "buy" or better. There is plenty of short-covering potential, too. Short interest makes up 23.7% of the stock's available float, or nearly eight days' worth of pent-up buying power. 

Short-term options traders, meanwhile, are heavily bearish on Dick's Sporting Goods stock. This is according to the equity's Schaeffer's put/call open interest (SOIR) ratio of 2.32, which stands higher than all other readings from the past 12 months.


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