Ross Stores Stock Heads for Best Day Since 2022

The retailer reported a first-quarter results beat

Laura McCandless

Deputy Editor

May 24, 2024 at 10:30 AM

ROST

The shares of Ross Stores Inc (NASDAQ:ROST) are up 8.4% at $142.88 at last glance, after the retailer announced upbeat first-quarter results and raised its profit outlook. No fewer than nine analysts lifted their price targets after the event, with the highest from TD Cowen to $176 from $173.

Today's surge has ROST breaking into positive territory for 2024, and on track for its largest single-day percentage gain since November 2022. The stock is also looking to close above its 80-day moving average for the first time since early April.

Over in the options pits, 6,312 calls and 6,277 puts have been exchanged, which is already 2.4 times the average daily options volume. The weekly 5/24 137-strike put is the most popular, where new positions are being opened.

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