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Clorox Stock Plunges After Earnings Miss

The company also lowered its full-year guidance

Deputy Editor
Feb 4, 2022 at 9:54 AM
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Clorox Co (NYSE:CLX) stock is taking a nosedive this morning, down 14% to trade at $142.25 at last glance. The company trimmed its 2022 forecast amid cost pressures, after reporting a fiscal second-quarter earnings miss, despite strong revenue. To follow, no fewer than six analysts cut their price targets, with the lowest coming from J.P. Morgan Securities to $137 from $157. 

Today's drop has CLX trading at its lowest levels since 2018, and below all of its short- and long-term moving averages. However, the equity's Relative Strength Index (RSI) of 25 sits firmly in "oversold" territory, meaning a short-term bounce could be on the way. 

All 13 analysts in coverage lean bearish, with seven carrying a tepid "hold" and six a "strong sell." It's also worth noting that short interest makes up 5.1% of the stock's available float. 

Options bears are chiming in at double what's typically seen at this point, with 4,502 puts across the tape so far, compared to 3,414 calls. The June 190 call and June 160 put are the most popular, with new positions being opened at both. 

 

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