Cal-Maine Foods Stock Bounces to 52-Week Highs

The egg producer saw strong demand in the third quarter

Laura McCandless

Deputy Editor

Apr 3, 2024 at 10:34 AM

CALM

Thanks to strong demand, egg producer Cal-Maine Foods Inc (NASDAQ:CALM) announced better-than-expected fiscal third-quarter revenue after the close yesterday. Cal-Maine Foods stock is surging after the news, despite the company also temporarily closing a facility in Texas due to an outbreak of the bird flu.

After gapping to fresh 52-week high of $63.14, CALM was last seen up 4.8% at $61.74. The equity is up 10.1% in the last 12 months, and is bouncing off a pullback to the $55 region.

Despite low absolute volume, CALM has 264 calls and 204 puts cross the tape so far today, which is double the average daily volume. The April 65 call is the most popular, followed by the April 62.50 put.

Short covering could account for some of today's price action, as short interest represents 9.7% of the stock's available float. It would take shorts more than six days to buy back their bearish bets, at the security's average pace of trading.

Analysts have yet to chime in, though there is plenty of room for optimism. Two of the three analysts in coverage carry a "hold" or worse rating on CALM, while the 12-month consensus price target of $62.50 sits at a discount to current levels.

Follow @Schaeffers

Two High-Octane Trade Ideas. One Simple Goal: Intraday Profits.

Dynamite Day Trading Signals delivers two same-day options trades every week — powered by proprietary intraday analysis and 43+ years of trading expertise.

But this isn’t just another stream of alerts.

It’s a structured plan with clear entry and exit points – designed for traders who want to act fast, trade smart, and wrap up gains before the closing bell.

No guesswork. No overnight exposure – Just two well-researched setups per week — whether you prefer buying premium or selling it.

And the results speak for themselves: subscribers have locked in +245.8% total profit over the last six months (since inception!).

👉 Start your one-month trial now for just $10, and be ready for the next trade alert.