Bank of America cut its TTWO rating to "neutral"
Shares of Take-Two Interactive Inc (NASDAQ:TTWO) are 1.9% lower at $154.35 this morning, after a bear note from Bank of America. The Wall Street analyst downgraded TTWO to "neutral" from "buy," saying the stock is in a "holding pattern" until the 2025 release of its highly anticipated Grand Theft Auto VI video game.
In response to the bear note, put traders are piling on Take-Two Interactive stock. Already today, 2,398 bearish bets have crossed the tape, or double the average intraday amount. New positions are opening at the most popular contract, the weekly 1/12 146-strike put.
On the charts, TTWO is on track to close below the $155 area for the first time since Nov. 17. The 20-day moving average is stepping up to save today's pullback, and Take-Two Interactive stock remains up 48.7% year over year.