KB Home Stock Pivots Lower Despite Quarterly Win

No fewer than three analysts adjusted their price targets

Digital Content Manager
Sep 21, 2023 at 10:55 AM
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KB Home (NYSE:KBH) stock is down 3.9% to trade at $46.20 at last check, despite the company yesterday sharing better-than-expected fiscal third-quarter earnings and revenue. A 41% drop in net income to $149.9 million is hurting the shares instead. Three brokerages also updated their price targets on KBH in response, with Wedbush adjusting from $64 to $55 earlier.
 

The 160-day moving average is containing today's pullback, which has the stock trading at its lowest level since June. The $52 region has also emerged as a ceiling after KBH's July 20, 16-year high of $55.37. The equity maintains a healthy 45.4% lead for 2023, however.

Options volume is running at nine times the intraday average, with 4,080 puts and 2,911 calls exchanged so far. The November 45-strike put is most popular, with new positions being opened there.

Short-term options traders lean overwhelmingly bearish. This is per KB Home stock's  Schaeffer's put/call open interest ratio (SOIR) of 6.25 that ranks in the top percentile of annual readings.

 

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