TSN put open interest is stacked to annual high levels
Tyson Foods, Inc. (NYSE:TSN) is flat this morning, with no real premarket movement occurring. The stock has been a snooze in recent months, consolidating below $68. It's no surprise then, that put traders are growing in popularity.
TSN is down 25% in 2022, with its 50-day moving average containing any breakouts. The shares are not off their Oct. 22 multi-year bottom of $62.94.
Short-term options traders have been overwhelmingly bearish towards TSN. This is per the stock's Schaeffer's put/call open interest ratio (SOIR) 2.08, which is higher 93% of readings from the past year.
Echoing this, at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the shares' 50-day put/call volume ratio of 1.11 sits higher than 63% of annual readings, indicating long puts have been getting picked up at a much quicker-than-usual clip.