Birkenstock posted better-than-expected fiscal fourth-quarter results
Shares of Birkenstock Holdings PLC (NYSE:BIRK) are up 8.8% at $61.00 at last glance, earlier as high as $62.45, after the footwear retailer posted better-than-expected fiscal fourth-quarter earnings and revenue. Close-toed clogs were all the rage this year, helping to boost sales. In response, Piper Sandler lifted its price target to $70, or a 15% premium to BIRK's current perch.
Today's pop has Birkenstock stock trading at its highest levels since its August 26 record high of $64.78. The stock has only been publicly traded since October 2023, and currently sports a 23.2% year-to-date lead.
Unsurprisingly, BIRK's typically quiet options pits are seeing more activity today. So far, 4,814 calls and 1,530 puts have been exchanged, which is 2.3 times its average daily options volume already. The January 60 call is the most popular contract, followed by the December 60 call.
It's also worth noting that some of today's pop could be fueled by short covering. Short interest represents a hefty 10.8% of the stock's available float, or over three days' worth of pent-up buying power.