2 reasonably priced stocks investors should keep an eye on
This week in Cheap Seats: Stocks Under $20 segment, we're taking a look at two stocks that are soaring higher today: Petco Health & Wellness Company (NASDAQ:WOOF) and Bloom Energy Corp (NYSE:BE).
At last glance, WOOF was up 25.7% at $3.07, following the company's better-than-expected first-quarter results. Extending last week's 50% rise, today's pop has the equity breaking into positive territory for 2024. The shares are now running into pressure at the 200-day moving average, however.
Though today's catalyst is unclear, Bloom Energy stock is up 16.9% at $17.69 at last check. The stock has surged all week, following a price-target hike from Wells Fargo on Monday and a reiterated "buy" rating and $14 price target from RBC on Tuesday. Last week, the company announced a collaboration with C3.ai (AI), which could also be attracting traders.
Options traders are chiming in on the attractively priced stocks. So far today, WOOF has seen five times its average daily options volume, with the most activity at the June 3 call. Traders have targeted BE at eight times its average daily options volume, with the most activity at the June 18 call.
It's also worth mentioning that both stocks have a bit of short squeeze potential. Short interest represents a hefty 35.8% of WOOF's available float, and 20.7% of BE's.