Braze announced better-than-expected fourth-quarter earnings and revenue
Cloud stock Braze Inc (NASDAQ:BRZE) is defying the broad market selloff today, up 10.7% at $40.64 at last glance, after the company beat top- and bottom-line estimate in the fourth quarter and issued an upbeat full-year earnings forecast. Citigroup trimmed its price target by $1 to $50, citing a "conservative growth outlook," though several other analysts chimed in with price-target hikes, including Wells Fargo to $55 from $50.
Today's pop has Braze stock shooting past its 40-day moving average, which rejected a rally earlier this week. Now trading at their highest levels since early February, the shares are down roughly 4% year-to-date and 9% year-over-year.
In the options pits, BRZE has already seen 4.6 times its average daily options volume. The April 37.50 put and 47.50 call are the two most popular contracts, with new positions opening at the April 50 call.
Some of today's gains could be attributed to short covering. Though short interest has been unwinding, it still represents 5.3% of the stock's available float.