Retail Stock Pacing for Worst Day Since May 2022

URBN is brushing off upbeat third-quarter results

Digital Content Manager
Nov 22, 2023 at 10:52 AM
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Urban Outfitters, Inc. (NASDAQ:URBN) is drawing negative analyst attention today, despite yesterday announcing a third-quarter earnings and revenue beat. The apparel retailer's forecast for the current quarter missed expectations, with Barclays noting fewer sales, pressured margins, and elevated inventories. In turn, at least four brokerages slashed their price targets, including Jefferies to $34 from $36.

The stock was last seen down 10.5% to trade at $32.50, and could lose support from its 20-day moving average. URBN is pacing for its worst single-day percentage drop since May 2022, but still sports a 36.2% lead for 2023.

The options pits are exploding with activity. So far today, 2,157 calls and 1,559 puts have crossed the tape, which is nine times the intraday average volume. Most popular is the weekly 11/24 37-strike call.

Options traders have been much more bullish than usual over the past 10 weeks. This is per URBN's 50-day call/put volume ratio of 2.56 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) that stands higher than 94% of readings from the past year.

 

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