Harley-Davidson Stock Drops After CFO Exit

The stock received a price-target cut today as well

Deputy Editor
Apr 13, 2023 at 10:31 AM
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Harley-Davidson Inc (NYSE:HOG) stock is down 4.3% at $35.75 at last glance, after news that Gina Goetter will step down as CFO at the end of the month to join Hasbro (HAS), with Vice President and Treasurer David Viney to serve as interim CFO.

BofA Global Research threw in a bear note, cutting HOG's price target to $55 from $65. Plus, UBS said the company's first-quarter retail decline may be worse than anticipated. Analysts are hesitant toward the equity, with four of seven in coverage calling it a tepid "hold."

On the charts, the stock seems to have found support at the $35.50 level after its February plummet, though the $39 region rejected the past two rallies. Year-to-date, HOG is down 14%. 

Puts have been much more popular than usual in the options pits, per HOG's 50-day put/call volume ratio of 3.90 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 93% of readings from the last year. 

These options are reasonably priced, as HOG's Schaeffer's Volatility Index (SVI) of 38% sits in the 26th percentile of its annual range. This means options traders are pricing in relatively low volatility expectations at the moment -- a boon for options buyers. 

 

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