Yeti Stock Pulls Back After Lackluster Earnings Report

The company also offered a weak 2024 outlook

Deputy Editor
Feb 15, 2024 at 10:37 AM
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Yeti Holdings Inc (NYSE:YETI) reported fourth-quarter earnings of 90 cents per share on revenue of $519.8 million, both of which missed expectations, pushing shares 10.7% lower to trade at $43.06 at last check.

Also weighing on the retailer is a weaker-than-expected 2024 guidance. This soft outlook follows two major acquisitions the company made last month. Yeti acquired Mystery Ranch to add to its bags and packs product unit and moved into cookware through its buyout of Butter Pat Industries, which offers cast iron products.

On the charts, YETI is testing its 220-day moving average. The security last closed beneath this trendline following the company's third-quarter earnings report. And while Yeti stock is managing to hold above its 2024 low of $41.64, it's still down 10.5% this year.

In response to the downbeat news, bearish bettors are out in full force. So far today, 4,096 calls and 6,932 puts have exchanged hands, total volume that is nine times the average intraday amount. Most popular by far is the February 45 put, which expires at the conclusion of tomorrow's session.

Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Yeti stock's 50-day put/call volume ratio of 1.49 sits higher than 94% of readings from the last year. Plus, YETI's Schaeffer's put/call open interest ratio (SOIR) of 1.91 ranks in the 97th percentile of its annual range. Both of these readings suggest puts have been more popular than calls of late.

 

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