Target Stock on Track for Worst Day Since 2022

The retailer missed first-quarter earnings expectations

Fernanda Horner

Digital Content Manager

May 22, 2024 at 10:16 AM

Target Corp (NYSE:TGT) stock was last seen down 8.7% to trade at $142.26, after the retailer reported a first-quarter earnings miss and a 3% sales drop due to lower consumer spending on discretionary items. The company also issued a dismal current-quarter outlook.

The security is pacing for its fourth-straight daily loss and worst session since November 2022. Now carrying a 20.5% quarter-to-date deficit, shares could find support at the familiar $135 region.

Options volume is already running at 13 times the amount that is typically seen at this point, with 25,000 calls and 28,000 traded so far today. Most popular is the weekly 5/24 140-strike put.

Target stock sports a Schaeffer's put/call open interest ratio (SOIR) that stands in the 88th percentile of readings from the last 12 months. This means short-term options trades have been much more bearish than usual.

It's also worth noting the stock's Schaeffer's Volatility Scorecard (SVS) stands at an 81 out of 100. This means TGT exceeded option traders' volatility expectations during the last 12 months.

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