Levi Strauss Stock Tears Lower After Earnings

Options volume is running at 19 times the intraday average

Deputy Editor
Apr 6, 2023 at 11:00 AM
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Levi Strauss Co (NYSE:LEVI) is suffering a steep post-earnings drop today, down 15.1% to trade at $15.30 at last glance. Though the company reported better-than-expected fiscal fourth-quarter results amid price hikes and strong demand, higher costs still hit its margins, specifically freight, labor, and raw material expenses. 

This negative price action has LEVI dropping back below its 200-day moving average, which has been a level of both pressure and support over the past few months. Year-over-year, the equity is down 20.4%. 

Options bulls have been very active, per LEVI's 50-day call/put volume ratio of 2.72 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio ranks in the 95th percentile of its annual range, showing calls being picked up at a much faster-than-usual rate. 

Today, options traders are targeting the security at 19 times the intraday average. So far, 10,000 calls and 5,547 puts have been exchanged. The April 16 call is the most popular, with new positions being opened there. 

Analysts are split on Levi Strauss stock, with six of the 11 in coverage carrying a "strong buy" rating, and five a tepid "hold." Meanwhile, short interest represents a solid 10.4% of the stock's available float. 


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