WeWork is hitting record lows after falling into penny stock territory in August
The shares of WeWork Inc (NYSE:WE) are plummeting to record lows today, after the company's decision to withhold interest payments of about $95 million related to some of its notes. WeWork has a 30-day grace period to make these payments, planning to discuss options with lenders and hold on to some liquidity in the meantime.
A couple months ago, the business put forth doubts over its ability to stay in business. WeWork stock then quickly dropped into penny stock territory, and is currently down 22.9% at $2.27 at last glance, earlier hitting an all-time low of $2.21. Since the start of 2023, the shares are down 96%.
Options bears are likely cheering today's dive, as puts have been far outweighing calls, per WE's 10-day put/call volume ratio of 6.40 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks higher than all other readings from the past year. Today, the 5,952 puts exchanged so far today nearly double the 2,770 calls.