The shares of Wendy's Co (NASDAQ:WEN) are down 2.2% at $20.64 at last check, after the fast food concern released its second-quarter financial results. While the company chimed in with better-than-expected earnings of 24 cents per share, revenue and same-store sales growth fell short of forecasts as consumers tightened their purse strings amid higher inflation.
On the charts, WEN is falling back below recent support at the $21 level. The security is still keeping its distance from its May, two-year lows near the $16 mark. Plus, the 20-day moving average, which has helped with recovery efforts, looks like it could keep some of today's negative price action in check. Coming into today, Wendy's stock was off 4.6% year-over-year.
Analysts have yet to respond to the results, but the majority are bullish. In fact, of the 18 in coverage, 10 still recommend a "strong buy." What's more, the 12-month consensus price target of $23.19 is a 9.9% premium to last night's close.
The options pits, meanwhile, have started to lean bearish in recent weeks. While call volume still outnumbers put volume overall, WEN's 10-day call/put volume ratio at the the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 75% of readings from the last 12 months.
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