Thanks to strong demand, egg producer Cal-Maine Foods Inc (NASDAQ:CALM) announced better-than-expected fiscal third-quarter revenue after the close yesterday. Cal-Maine Foods stock is surging after the news, despite the company also temporarily closing a facility in Texas due to an outbreak of the bird flu.
After gapping to fresh 52-week high of $63.14, CALM was last seen up 4.8% at $61.74. The equity is up 10.1% in the last 12 months, and is bouncing off a pullback to the $55 region.
Despite low absolute volume, CALM has 264 calls and 204 puts cross the tape so far today, which is double the average daily volume. The April 65 call is the most popular, followed by the April 62.50 put.
Short covering could account for some of today's price action, as short interest represents 9.7% of the stock's available float. It would take shorts more than six days to buy back their bearish bets, at the security's average pace of trading.
Analysts have yet to chime in, though there is plenty of room for optimism. Two of the three analysts in coverage carry a "hold" or worse rating on CALM, while the 12-month consensus price target of $62.50 sits at a discount to current levels.
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