The security is brushing off a second-quarter earnings and revenue miss
Plant-based milk concern Oatly Group (NASDAQ:OTLY) is surging this morning, up 6.4% at $17.95 at last check, despite a lackluster second-quarter earnings report. The company chimed in with losses of 9 cents per share, which were 1 cent higher than what analysts estimated, as well as revenue miss. Keeping shares afloat is a full-year revenue forecast that was ahead of expectations, as demand for vegan milk alternatives jumps.
After notching three consecutive all-time lows last week, Oatly stock finally surged back above the $18 level earlier in the session, which has previously served as a floor for the equity. The 20-day moving average has guided shares lower since OTLY's June 14, all-time high of $29, though. Quarter-to-date, the security remains down 26.8%.
As it currently stands, the brokerage bunch is bullish towards Oatly stock, with nine of the 14 analysts in question carrying a "buy" or better rating. Echoing this is a 12-month consensus target price of $30.73, which is a whopping 71.2% premium to the equity's current perch.
The stock's usually quiet option pits are brimming with activity today. So far, 6,200 calls and 1,618 puts have already exchanged hands, which is six times the intraday average. Most popular is the weekly 8/20 17.50-strike call, while the 17.50-strike put in the same series trails far behind it.