Options Bears Blast Tumbling Urban Outfitters Stock

URBN has seen 12,000 puts exchanges already amid today’s plummet

Urban Outfitters Inc (NASDAQ:URBN) stock is down 12.9% at $36.13 at last glance, despite the retailer’s better-than-expected second-quarter earnings and revenue, after disappointing comparable sales numbers.

To follow, Telsey Advisory downgraded the stock to “market perform” from “outperform.” This is notable considering the majority of analysts are already bearish, with 10 of the 12 in coverage now carrying a “neutral” rating. 

Today’s bear gasp has Urban Outfitters stock trading at its lowest levels since January and breaking below the 320-day moving average for the first time since January 2023. And should these losses hold, the stock will mark its largest single-day percentage drop since February. 

Options bears are blasting URBN in response. So far this morning, 12,000 puts have been exchanged — 49 times the amount typically seen at this point — in comparison to just 2,977 calls. The September 32 put is the most popular, where new positions are being bought to open. 

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