Exchange Stock Staring Up at Stiff Resistance

ICE has seen volumes flatten out in the last six months

Jul 5, 2022 at 12:12 PM
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Intercontinental Exchange Inc (NYSE:ICE) recently broke below its 1,000-day moving average before failing at the $100 level. Plus, equity and options trading volumes have been flat year-over-year versus the growth we witnessed a year ago post-Covid stimulus, and year-over-year comps could disappoint. Year-to-date, ICE sports a 30.4% year-to-date deficit.
 
The shift in sentiment in the options pits could provide headwinds. ICE’s 50-day call/put volume ratio of 2.74 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 98% of readings from the past year. In the same vein, the stock's Schaeffer's put/call volume ratio (SOIR) of 0.45 sits higher than just 6% of readings from the last 12 months, showing a strong penchant for calls of late.
 
The equity is ripe for bear notes as well. Of the 10 analysts in coverage, seven carry a “strong buy” rating, plus, the 12-month consensus price target of $134.71 is a 41.8% premium to current levels.
 
Meanwhile, though still low, short interest increased 43% since the end of March as the equity has lurched lower, suggesting perhaps, that the short players have control of the exchange operator. Lastly, our recommended put has a leverage ratio of -5.8 and will double in a 15.8% drop in the underlying equity.
 
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