Options volume is running at 19 times what's typically seen at this point
Toy maker Hasbro, Inc. (NASDAQ:HAS) is inching higher today, last seen up 0.7% at $78.50. And while the stock's price action is muted, its options pits certainly aren't. So far, 5,215 calls and 10,000 puts have been exchanged, which is a whopping 19 times the intraday average. The monthly January 2023 contract is incredibly popular. The top three positions sit at the 70-strike put, the 87.50-strike call, and the 60-strike put, with positions being opened at the former two. Between these three positions, 15,006 contracts have been exchanged, and it looks like it could be the doing of one investor.
Things have been quiet for HAS in recent weeks, after a a slew of post-earnings price target cuts finally died down in late July. Analyst sentiment has been split since the firm's earnings report. Of the eight in coverage, half say "strong buy," and half say "hold." Meanwhile, the 12-month consensus price target sits at $102.45, marking a 30.4% premium to current levels.
A deeper dive into Hasbro's options activity shows bears have been in charge during the past couple months. The stock's 50-day put/call volume ratio of 1.45 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) stands higher than 95% of readings from the past year, implying puts are being picked up at a quicker-than-usual clip.
On the charts, the security continues to consolidate below both the $80 mark and the 20-day day moving average, which helped guide HAS to an almost two-year low of $76.93 on July 27. Compared to most of the market, HAS suffered a rocky month last month, finishing July with a 3.9% drop. Year-to-date, the shares have dropped 22.8%.
