Canada Goose Stock Flies After Earnings

The stock is headed for its best day since 2018

Laura McCandless

Deputy Editor

May 16, 2024 at 10:49 AM

goos

The shares of Canada Goose Holdings Inc (NYSE:GOOS) are soaring today, after the luxury retailer announced strong fiscal fourth-quarter results thanks to recovering demand in China and the U.S. At last glance, GOOS was up 23% at $14.05.

Today's pop has Canada Goose stock breaking above a host of trendlines, including its 200-day moving average, which has provided pressure since last May. Should these gains hold, the equity will mark its largest daily percentage gain since June 2018. Year to date, GOOS is up 11.6%.

Options bulls are targeting the stock in response, with 5,695 calls exchanged so far, 22 times the intraday average call volume, in comparison to 1,131 puts. Expiring tomorrow, the May 14 call is the most popular. And new positions are opening there as well.

Part of today's price action could be an unwinding of short interest, as the 10.91 million shares sold short account for 24.1% of the stock's available float. It would take shorts nearly 14 days to cover their bets, at GOOS' average pace of trading.

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