Stock Traders Buy High Volume of Put Options on Conn’s (NASDAQ:CONN)

Conn’s, Inc. (NASDAQ:CONN) was the target of some unusual options trading activity on Tuesday. Investors acquired 7,076 put options on the stock. This represents an increase of 1,304% compared to the average daily volume of 504 put options.

Conn’s Trading Down 28.8 %

CONN opened at $0.74 on Wednesday. Conn’s has a 12-month low of $0.52 and a 12-month high of $5.26. The company has a debt-to-equity ratio of 1.93, a current ratio of 2.58 and a quick ratio of 1.87. The stock has a market capitalization of $18.42 million, a PE ratio of -0.23 and a beta of 2.23. The firm’s fifty day moving average price is $2.99 and its 200 day moving average price is $3.72.

Conn’s (NASDAQ:CONN) last issued its quarterly earnings results on Thursday, April 11th. The specialty retailer reported ($1.25) EPS for the quarter, topping the consensus estimate of ($1.57) by $0.32. The business had revenue of $366.08 million for the quarter, compared to analysts’ expectations of $422.40 million. Conn’s had a negative net margin of 6.21% and a negative return on equity of 34.68%. As a group, research analysts expect that Conn’s will post -1.15 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded Conn’s from a “sell” rating to a “hold” rating in a research note on Friday, April 12th.

Hedge Funds Weigh In On Conn’s

Several large investors have recently added to or reduced their stakes in CONN. AM Investment Strategies LLC raised its position in shares of Conn’s by 20.0% during the 4th quarter. AM Investment Strategies LLC now owns 120,125 shares of the specialty retailer’s stock worth $533,000 after purchasing an additional 20,000 shares during the period. Assenagon Asset Management S.A. acquired a new stake in Conn’s in the fourth quarter worth $256,000. Quadrature Capital Ltd bought a new stake in Conn’s in the first quarter valued at $144,000. Corsair Capital Management L.P. bought a new stake in Conn’s in the fourth quarter valued at $82,000. Finally, State Board of Administration of Florida Retirement System acquired a new position in shares of Conn’s during the first quarter valued at $43,000. 55.00% of the stock is currently owned by institutional investors.

Conn’s Company Profile

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