Children's Place stock hits 3-month high on massive volume

Children's Place

11/09/2024 20:40

(Updates with volume, rise above moving average and short data)
** Shares of apparel retailer Children's Place  PLCE.O  reached
a three-month high in sharply higher volume in afternoon trading
Tues, with the stock last up 89% at $9.28 
    ** Company posts Q2 adj. profit of 30 cents vs $2.12 loss a
year ago
    ** Trading volume in the stock was last at more than 70 mln,
more than 200% above the stock's 10-day MAV, based on LSEG data,
and by far the most active trading day in the stock's history
        ** Stock also broke above its 50- and 100-day moving
avgs
  
    ** Reported gross margin rise of 960 basis points to 35%,
owing to lower expenses from reduced costs of cotton and supply
chain 
    ** PLCE's Q2 comparable retail sales decline 7.2%, hurt by
decrease in e-commerce revenue
        ** Based on LSEG data, 20.4% of float is short
  
        ** Including Wednesday's move, the stock was down 59%
YTD
  
        ** The median 12-mo price target on PLCE IS $12,
according to LSEG, unchanged over the past three months
  
        ** Option trading in PLCE currently stands at 4,349
contracts, or 45x the daily average, with calls outpacing puts
nearly 3 to 1 according to Joe Mazzola, head trading &
derivatives strategist at Charles Schwab
  

 (Reporting by Savyata Mishra and Neil J Kanatt in Bengaluru,
additional reporting by Caroline Valetkevitch in New York)
 ((Savyata.Mishra@thomsonreuters.com))