Options Bulls Swarm Citigroup Stock Post-Earnings

C looking to topple its 40-day moving average

Digital Content Manager
Apr 14, 2023 at 10:53 AM
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The shares of Citigroup Inc (NYSE:C) are up 2.8% to trade at $48.63 at last check, after the bank giant reported better-than-expected first-quarter earnings of $1.86 per share and a revenue win of $21.45 billion. The company attributed the results to higher interest rates, with net interest income jumping 23% to $13.3 billion, though it set aside $241 million to cover potential loan losses.

Options bulls are not holding back, with 89,000 calls across the tape so far, which is five times the intraday average, compared to 32,000 puts. Most popular by far is the June 55 call.

The shares are today trading at their highest level since early March, and eyeing their first close above the 40-day moving average in several weeks as they pace for their fifth daily win in six sessions. C is up 7.8% in 2023, and added 12.7% over the past six months.

Analysts still lean bearish toward Citigroup stock, leaving plenty of room for upgrades to roll in moving forward. Of the 18 in coverage, 12 call the security a tepid "hold" or worse. 


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