Analyst: Stanley Is a Big Problem for Yeti

The stock has already shed nearly 10% this year

Deputy Editor
Jan 4, 2024 at 10:47 AM
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Yeti Holdings Inc (NYSE:YETI) is 1.4% lower at $46.48 this morning, after Canaccord Genuity downgraded the stock to "hold" from "buy." And though the analyst hiked its price target by $1 to $50, it said Stanley is proving to be a tougher-than-expected rival to Yeti, and Owala is making more noise than anticipated as well. 

The brokerage bunch is still mostly optimistic towards YETI, with seven of the 17 analysts in question calling it a "buy" or better. Plus, the 12-month consensus target price of $47.63 is a 3.1% premium to current levels. All of this demonstrates there's more room for optimism to unwind.

Meanwhile, over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Yeti stock's 10-day put/call volume ratio of 1.54 ranks higher than 76% of readings from the past year. This shows put traders have been more active than usual of late.

For those looking to bet on the pop, doing so with options looks to be an affordable route. The security's Schaeffer's Volatility Index (SVI) reading of 38% stands in the low 17th percentile of its 12-month range, meaning options traders are pricing in less volatility at the moment. 

In the three sessions since the start of 2024, YETI is already down 9.7% for the year. And though its up 25.1% over the last nine months, the stock is on pace for a fifth consecutive daily loss.

 

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