United Natural Foods Stock Marks 3-Year Low After Revenue Miss

Options volume is running at 36 times the intraday average

Digital Content Manager
Sep 26, 2023 at 10:45 AM
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United Natural Foods Inc (NYSE:UNFI) stock is sinking, last seen down 16.3% at $15.82, after the company reported a revenue miss for the fiscal fourth quarter. Also hurting the security is a quarterly loss of 25 cents per share, compared to last year's profits of $1.27 per share, as well as a disappointing full-year forecast.

The shares earlier slipped to a three-year low of $15.07, as they breached a floor at the $18 level. The 60-day moving average has been acting as pressure since June, and UNFI has shed 59.6% so far this year.

The stock's typically quiet options pits are exploding with activity today. So far, 2,439 puts and 1,182 calls have crossed the tape, which is 36 times the intraday average. Most popular is the October 15 put, followed by the 17.50 call, with positions being opened at both of those contracts.

Options traders have been singing a bearish tune of late. UNFI's Schaeffer's put/call open interest ratio (SOIR) of 1.00 sits in the 98th percentile of annual readings, while its 50-day put/call volume ratio of 2.95 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 92% of readings from the past year.

It's also worth noting the equity's Schaeffer's Volatility Scorecard (SVS) sits at 82 out of 100. This indicates United Natural Foods stock has exceeded options traders' volatility expectations in the last 12 months.

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