Acuity Brands Stock Higher on Earnings, Revenue Win

Strength in its lighting business helped Acuity Brands notch a quarterly win

Acuity Brands, Inc. (NYSE:AYI) today reported a fiscal third-quarter earnings beat of $3.52 per share, as well as a better-than-expected revenue of $1.06 billion, thanks to lighting business strength. Plus, the company announced it has expanded its board of directors from 10 to 11 members. At last check, the security was up 1.6% to trade at $158.26.

The equity broke through a freshly formed ceiling at the $160 level right out of the gate this morning, but is still eyeing a close below it. Acuity Brands stock is fresh off a one-year low of $142.71, and has faced  pressure from the descending 100-day moving average for most of 2022. Year-to-date, AYI is down 25.5%.

Albeit amid light absolute volume, options bears have taken interest in the security as of late. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Acuity Brands stock’s 50-day put/call volume ratio of 1.30 stands higher than 98% of readings from the past year.

Today’s options activity paints a different picture, however. Amid low absolute volume, 263 calls and 61 puts have been traded  which is 13 times the intraday average. Most popular is the July 195 call, followed by the August 185 call, with positions being opened at both.

Source link

Leave a Reply

Your email address will not be published.