CrowdStrike Stock Bounces on Strong Outlook, Earnings

CRWD options volume is running at 14 times the intraday average amount

Digital Content Manager
Jun 5, 2024 at 10:33 AM
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CrowdStrike Holdings Inc (NASDAQ:CRWD) is up 5.3% to trade at $321.29, after the cybersecurity company announced better-than-expected first-quarter results, including record gross margins and free cash flow. An upbeat current-quarter and annual outlook is also boosting the shares.

CRWD is attracting a mix of price-target cuts and hikes this morning, with Canaccord Genuity seeing strong top-line growth and lifting its price objective to $405 from $400. Analysts already lean bullish, with 38 of 40 calling CRWD a "buy" or better, while the 12-month consensus target price of $398.12 is a 24.6% premium to current levels.

CRWD is poised to snap a four-day losing streak today and sports a 24.3% year-to-date lead. The shares are poised for the best single-session pop since a March 6 post-earnings pop sent CRWD to a record high of $365.00. The stock is bouncing off a pullback to its 120-day moving average, which stepped up as support during last week's 10.8% drawdown. 

Options volume is running at 14 times the intraday average amount at last glance, with 46,000 calls and 45,000 puts exchanged so far. New positions are being bought to open at the most popular contract, which is the weekly 6/7 350-strike call.

Bullish bets have been all the rage lately. This is per the equity's 50-day call/put volume ratio of 1.21 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which is higher than 98% of annual readings.


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