Footwear Stock Booted Lower on Downgrade

Options bulls are targeting CROX, however

Deputy Editor
Sep 7, 2023 at 10:59 AM
facebook X logo linkedin

Crocs Inc (NASDAQ:CROX) stock is sliding today, after B. Riley downgraded the stock to "neutral" from "buy," with a price-target cut to $101 from $125. The firm cited the company's "over-inventoried" footwear channel and slowing consumer sales. At last glance, CROX was down 3.1% at $93.39. 

On the charts, the $100 level appears to have moved in as pressure in mid-August, while its 30-day moving average is pushing the stock lower as well. On track for its third-straight day of losses and looking to snap a two-week win streak, CROX is down 13.8% since the start of the year. 

Call traders appear to be buying in on today's dip, however. So far, 6,234 calls have been exchanged, which is triple the intraday average amount, in comparison to 1,578 puts. The December 150 call is the most popular, followed by the October 110 call, with new positions being bought to open at the latter. 

Options are also well-priced at the moment. The stock's Schaeffer's Volatility Index (SVI) of 38% stands higher than just 5% of readings in its annual range, implying options players are pricing in low volatility expectations.  

It's also worth noting that short interest represents 9.5% of the stock's available float. It would take roughly three days for shorts to cover their positions, at CROX's average pace of trading. 


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI