Investors Buy Large Volume of Put Options on Conn’s (NASDAQ:CONN)

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Conn’s Inc (NASDAQ:CONN) was the target of unusually large options trading activity on Tuesday. Stock investors purchased 2,528 put options on the stock. This represents an increase of approximately 2,118% compared to the typical daily volume of 114 put options.

Shares of Conn’s stock opened at $20.56 on Wednesday. The business has a fifty day simple moving average of $23.47 and a 200 day simple moving average of $21.41. The stock has a market cap of $633.85 million, a PE ratio of 8.19, a price-to-earnings-growth ratio of 0.35 and a beta of 2.04. The company has a quick ratio of 3.97, a current ratio of 5.01 and a debt-to-equity ratio of 2.01. Conn’s has a 12 month low of $15.40 and a 12 month high of $27.57.

Conn’s (NASDAQ:CONN) last released its earnings results on Tuesday, September 3rd. The specialty retailer reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.11. Conn’s had a return on equity of 14.27% and a net margin of 5.35%. The firm had revenue of $401.10 million for the quarter, compared to analyst estimates of $398.10 million. During the same quarter in the prior year, the firm posted $0.57 earnings per share. The company’s quarterly revenue was up 4.3% on a year-over-year basis. Analysts expect that Conn’s will post 2.7 EPS for the current fiscal year.

In related news, insider Brian Daly sold 8,700 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $27.00, for a total value of $234,900.00. Following the completion of the transaction, the insider now owns 47,482 shares in the company, valued at approximately $1,282,014. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Todd Renaud sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $24.67, for a total transaction of $74,010.00. Following the completion of the transaction, the vice president now owns 35,141 shares of the company’s stock, valued at approximately $866,928.47. The disclosure for this sale can be found here. 3.68% of the stock is owned by corporate insiders.

Several institutional investors have recently bought and sold shares of the company. Tyers Asset Management LLC increased its stake in shares of Conn’s by 229.5% in the 2nd quarter. Tyers Asset Management LLC now owns 3,216 shares of the specialty retailer’s stock valued at $57,000 after acquiring an additional 2,240 shares during the last quarter. Riverhead Capital Management LLC grew its holdings in Conn’s by 218.2% during the second quarter. Riverhead Capital Management LLC now owns 3,500 shares of the specialty retailer’s stock valued at $62,000 after purchasing an additional 2,400 shares during the period. Elkfork Partners LLC increased its stake in Conn’s by 229.5% in the second quarter. Elkfork Partners LLC now owns 4,422 shares of the specialty retailer’s stock valued at $79,000 after purchasing an additional 3,080 shares in the last quarter. Meadow Creek Investment Management LLC increased its stake in Conn’s by 229.5% in the second quarter. Meadow Creek Investment Management LLC now owns 5,628 shares of the specialty retailer’s stock valued at $100,000 after purchasing an additional 3,920 shares in the last quarter. Finally, Aperio Group LLC bought a new stake in Conn’s in the second quarter valued at approximately $115,000. Institutional investors own 72.42% of the company’s stock.

Several equities research analysts have recently commented on CONN shares. KeyCorp set a $41.00 target price on Conn’s and gave the company a “buy” rating in a research note on Wednesday, September 4th. Zacks Investment Research raised shares of Conn’s from a “hold” rating to a “buy” rating and set a $28.00 price target for the company in a research note on Thursday, October 31st. BidaskClub lowered shares of Conn’s from a “hold” rating to a “sell” rating in a report on Saturday, November 16th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $31.00 price objective (up from $28.00) on shares of Conn’s in a research note on Tuesday, September 3rd. Finally, ValuEngine cut shares of Conn’s from a “hold” rating to a “sell” rating in a research note on Monday, November 4th. Two equities research analysts have rated the stock with a sell rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $32.40.

About Conn’s

Conn's, Inc operates as a specialty retailer of durable consumer goods and related services in the United States. It operates through two segments, Retail and Credit. The company's stores offer furniture and mattress, including furniture and related accessories for the living room, dining room, and bedroom, as well as traditional and specialty mattresses; and home appliances, such as refrigerators, freezers, washers, dryers, dishwashers, and ranges.

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