The company also issued an impressive full-year forecast
Samsara Inc (NYSE:IOT), one of Schaeffer’s Top Stock Picks of 2024, is on the move today. The shares are up 15.2% to trade at $44.65, after the Internet-of-Things (IoT) name reported a second-quarter earnings and revenue beat. Additionally, the company issued an impressive full-year forecast. At least eight analysts lifted their price targets in response, the highest coming from RBC to $49 from $47.
IOT earlier roared to a record high of $45.19. The shares are up more than 30% so far in 2024, bouncing off short-term support at their ascending 50-day moving average as they pace for their best day since March.
A short squeeze is likely fueling today’s breakout. Short interest increased by 15.3% in the two most recent reporting periods, and the 15.3 million shares sold short now accounts for a healthy 7.3% of IOT’s total available float. At the stock’s average pace of trading, it would take shorts nearly four trading days to buy back their bearish bets.
Samsara stock’s usually-quiet options pits have come to life today. At last check, over 12,000 contracts have changed hands, volume that’s running at eight times the average intraday amount. The weekly 9/6 39-strike put that expires at the close today is the most active, with sell-to-open activity detected. The October 45 call is also popular.