Semtech stock is on track for its best day in nearly a year
Semiconductor stock Semtech Corp (NASDAQ:SMTC) is soaring today, up 16% at $61.99 at last check, and earlier traded as high as $63.63, after the company announced better-than-expected third-quarter results and lifted its current-quarter revenue forecast.
No fewer than six analysts lifted their price targets after the news, including Craig-Hallum to $70 from $48. A short squeeze could be powering today’s breakout, with a healthy 9.2% of SMTC’s total available float sold short.
Today’s pop has SMTC jumping to its highest levels since August 2022, and headed for its largest single-day percentage gain since December 2023. On track for its sixth daily gain in the last seven sessions, the equity is up roughly 172% since the start of 2024.
This morning, Semtech stock has already seen 4.2 times the options volume typically seen in a day. The December 55 call is the most popular, followed by the 75 call in the same series, with new positions being bought to open at the latter.