Arista stock hit record highs last session
Arista Networks Inc (NYSE:ANET) stock is down 5.8% at $405.83 at last glance, despite the company's better-than-expected third-quarter results -- including an earnings beat and record revenue -- due to shrinking margins. The computer networking firm also announced a four-for-one stock split, effective Dec. 3, and upbeat current-quarter guidance.
Today's price movement could also be a slight correction after the stock's recent rally, which culminated in a record high of $431.97 last session. Year to date, the equity is up 72.5%.
Over in the options pits, ANET has seen 2.2 times its average daily options volume already this morning. So far, 12,000 calls and 10,000 puts have been exchanged, with new positions being sold to open at the most popular contract, the January 2025 360-strike put.
This options activity represents a slight shift in sentiment, as options traders have been much more bearish than usual over the last couple weeks. This is per ANET's 10-day put/call volume ratio of 1.10 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks higher than 90% of readings from the past year.