Real estate investment trust (REIT) Simon Property Group Inc (NYSE:SPG) has fallen since its March 21 two-year high of $157.82, last seen trading at $142.03. Support at the $140 level has mostly kept the stock afloat in 2024, but we'll see how it fares during a historically bearish month.
Simon Property Group stock is second on Schaeffer's Senior Quantitative Analyst Rocky White's list of 25 worst S&P 500 Index (SPX) stocks in May in the last decade. SPG averaged a 3.5% loss for the month, finishing positive only twice out of those 10 years.
From the equity's current perch, a similar move would place it below $137. It's also worth noting recent pressure at the SPG's 100-day moving average. So far this quarter, SPG is down 8.7%.
The security looks to be a good target for premium buyers, based on its Schaeffer's Volatility Scorecard (SVS) of 84 (out of 100). In other words, the shares have regularly made bigger moves than options traders were pricing in during the last 12 months.
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