Traders Purchase High Volume of J.C. Penney Co. Put Options (JCP)
J.C. Penney Co. (NYSE:JCP) was the target of unusually large options trading on Wednesday. Traders purchased 269,921 put options on the company, American Banking and Market News reports. This represents an increase of 695% compared to the average daily volume of 33,950 put options.
A number of research firms have recently commented on JCP. Analysts at Maxim Group reiterated a “buy” rating on shares of J.C. Penney Co. (NYSE:JCP) in a research note to investors on Wednesday. They now have a $22.00 price target on the stock, down previously from $27.00. Separately, analysts at Goldman Sachs Group Inc. initiated coverage on shares of J.C. Penney Co. (NYSE:JCP) in a research note to investors on Tuesday. They set an “underperform” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of J.C. Penney Co. (NYSE:JCP) in a research note to investors on Friday, September 6th. They now have a $15.00 price target on the stock.
Seven analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $15.95.
Shares of J.C. Penney Co. (NYSE:JCP) traded down 14.96% during mid-day trading on Wednesday, hitting $10.12. The stock had a trading volume of 100,973,072 shares. J.C. Penney Co. has a 1-year low of $9.93 and a 1-year high of $27.00. The stock has a 50-day moving average of $13.23 and a 200-day moving average of $15.67. The company’s market cap is $2.232 billion.
J.C. Penney Co. (NYSE:JCP) last released its earnings data on Tuesday, August 20th. The company reported ($1.17) earnings per share for the quarter, missing the analysts’ consensus estimate of ($1.06) by $0.11. The company had revenue of $2.66 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter last year, the company posted ($0.37) earnings per share. J.C. Penney Co.’s revenue was down 11.9% compared to the same quarter last year. Analysts expect that J.C. Penney Co. will post $-6.13 EPS for the current fiscal year.
J. C. Penney Company, Inc (NYSE:JCP), is a holding company.
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