Stitch Fix reported better-than-expected Q3 revenue
Stitch Fix Inc (NASDAQ:SFIX) stock is up 28.5% at $4.73 this morning, following better-than-expected fiscal third-quarter results. The subscription e-tailer reported revenue of $394.9 million, after focusing on "improving efficiencies, maintaining profitability and cash flow."
Following the event, SFIX's normally quiet options pits are popping with activity. So far, 14,000 calls and 13,000 puts have crossed the tape, which is 23 times the intraday average volume. Most popular is the weekly 6/9 4-strike call, followed by the 3.50-strike put in that same series.
At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 50-day put/call volume ratio of 2.79 ranks higher than 80% of readings from the past year, indicating puts have been more popular than usual of late.
On the charts, Stitch Fix stock just jumped above short-term pressure at its 60-day moving average. Heading for its best single-session percentage gain since December 2020, SFIX now stands % higher in 2023.