Starboard Value took a stake in the coffee chain
Starbucks Corp (NASDAQ:SBUX) stock is up 2.5% to trade at $77 premarket, after The Wall Street Journal reported activist investor Starboard Value took a stake in the company to raise share value.
The equity has been struggling since marking its worst day since 2020 back in May, after a lackluster earnings report. The 60-day moving average has also been a consistent level of pressure, guiding the shares to their July 16, two-year low of $71.55. While SBUX has since edged higher, it still carries a 21% year-to-date deficit heading into today.
Short-term options traders are still bullish. This is per the security's Schaeffer's put/call open interest ratio (SOIR) of 0.17, which ranks higher than just 23% of readings from the last 12 months.
Longer term, this theme continues with SBUX's 50-day call/put volume ratio of 2.02, which stands in the 88th annual percentile of readings at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX).