Analysts Downgrade Expedia Stock; Bears Jump In

The security also saw several price-target cuts

Digital Content Manager
May 3, 2024 at 10:08 AM
facebook X logo linkedin


While travel platform Expedia Group Inc (NASDAQ:EXPE) beat revenue expectations for the first quarter, profits fell short of estimates. The company also cut its 2024 revenue forecast, noting weakness in vacation rental brand Vrbo and poor business-to-consumer performance.

Piper Sandler downgraded EXPE to "neutral" from "overweight" in response, while BMO adjusted its rating to "market perform" from "outperform." The stock drew no fewer price-target cuts as well, including one from Wedbush to $125 from $130.

Coming into today, 11 of 28 firms called the Expedia stock a "buy" or better, while the 12-month consensus target price of $153.35 is now a 24.8% premium to current levels. This indicates there is room for additional bear notes. Meanwhile, short interest rose 33.8% in the most recent reporting period, and now makes up 5.2% of the equity's available float.

The security was last seen down 12.3% to trade at $119.42 -- its lowest level since mid-November. Shares also lost support from the 200-day moving average and $125 region, which contained a February pullback from 52-week highs. So far this year, EXPE shed 10.3%.

Options traders are growing bearish. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 10-day put/call volume ratio of 1.34 ranks higher than 84% of readings from the past 12 months.

Drilling down to today's options activity, 6,162 puts and 3,640 calls crossed the tape in just the first half hour of trading, which is 11 times the intraday average volume. Most popular is the weekly 5/10 117-strike put, where traders are currently opening new positions.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI