Mattel Stock Slides After Disappointing Earnings, Forecast

Options bears are targeting MAT amid the negative price action

Deputy Editor
Feb 9, 2023 at 10:47 AM
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The shares of Mattel Inc (NASDAQ:MAT) aren't faring too well after the company's lower-than-expected fourth-quarter results and disappointing 2023 profit forecast. No fewer than three analysts cut their price targets after the event, with the lowest from Jefferies to $18. It's also worth noting that the security has landed on the short sell restricted (SSR) list today.

At last check, MAT was down 10.6% to trade at $18.33, and earlier dipped as low as $17.98. The stock's 320-day moving average kept a lid on its most recent rally, rejecting the shares in early February. Over the last nine months, the security has shed 26.9%.

Overall, the brokerage bunch is still leaning bullish. Of the nine analysts in coverage, seven carry a "strong buy" rating on Mattel stock. Meanwhile, short interest makes up 5.6% of the stock's available float, or over a week's worth of pent-up buying power. 

Over in the options pits, put volume is running at 11 times the usual volume, with 3,801 puts exchanged so far today. The February 18 and 20 put options are the most active contracts. 

 

 

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