Samsara reported third quarter results after yesterday's close
Shares of Samsara Inc (NYSE:IOT) are 3.7% lower at $53.10 at last glance, after the software company's third-quarter earnings and revenue beats were offset by lackluster fourth-quarter guidance.
Despite the dip, at least four analysts have upped their price targets, with BMO adjusting to $57 from $44. Ratings on IOT are split in half, with eight saying "buy" or better and eight sporting a "hold" recommendation.
Options traders are taking a more bearish approach. Already today, 25,000 puts have traded hands versus 10,00 calls, with overall volume running at 16 times the intraday average a amount. Most popular is the weekly 12/6 50-strike put, while new positions are opening at the second most active contract, the December 48 put.
This is in line with recent sentiment, per Samsara stock's Schaeffer's put/call open interest ratio (SOIR) of 1.03, which stands in the 90th annual percentile. This implies a put-bias amongst short-term premium players.
Samsara stock is still outperforming the broader market, up nearly 60% year to date and hitting an all-time high of $57.51 on Nov. 25. Though the shares are pulling back today, the $53 level has stepped up to keep further losses in check.