Fastenal stock is rising after the company's second-quarter results
Shares of Fastenal Inc (NASDAQ:FAST) are up 4% at $66.75 at last glance, after the fastener distributer's second-quarter profit results met analyst expectations, while revenue came in higher than anticipated on the back of high demand for safety supplies. In further news, Jeff Watts will assume the position of President and Chief Sales Officer at Fastenal, effective Aug. 1, while Dan Florness will vacate the President position but continue to serve as CEO.
Before this week, the stock had steadily moved lower since March. Today's pop puts FAST on track for its highest daily percentage gain since January, and moving into positive territory for 2024.
Analysts have yet to chime in this morning, though options traders are targeting Fastenal stock at four times the intraday average amount. The July 67.12 call is the most popular, followed by the 62.12 put.