Petco posted mixed second-quarter results
Petco Health & Wellness Company Inc (NASDAQ:WOOF) stock is soaring today, following the pet retailer's second-quarter results. The company reported losses of 2 cents per share, which is better than the 3 cent loss anticipated by analysts, while revenue of $1.52 billion came in line with estimates.
At last glance, Petco Health & Wellness stock was up 20.3% at $3.69, hitting its highest levels since mid July and on track for its largest daily percentage gain since May. The equity has been within penny stock territory for roughly one year, though it's now further removed from its April 25 record low of $1.41. Since the start of 2024, WOOF is up 15.5%.
Options traders are blasting the stock in response to today's surge. So far, 17,000 calls and 6,124 puts have crossed the tape, which is already 20 times WOOF's average daily options volume. The September 3 call is the most popular, and also happens to be the top open interest (OI) position.
It's also worth noting that short interest has been building, and now represents a whopping 29.5% of the stock's available float. It would take shorts 4.7 days to cover their bets, at the stock's average pace of trading.