Tech Stock for Call Traders' Consideration

There's room for analysts to change their sentiment

Oct 18, 2023 at 11:40 AM
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Subscribers to Schaeffer's Weekend Trader options recommendation service received this DELL commentary on Sunday night, along with a detailed options trade recommendation -- including complete entry and exit parameters. Learn more about why Weekend Trader is one of our most popular options trading services.

Dell Technologies Inc (NYSE:DELL) stock is pulling back to a trendline connecting lower highs, with its recent low coinciding with the site of its late August, post-earnings open. The shares gapped higher after that report, and are now trading above $67.54, which is double their 2022 closing low.

DELL WT Chart October 182023

Though most analysts are already bullish on DELL, there is still room for upgrades. Of the 18 firms in coverage, five still carry a tepid "hold"  or worse rating. Plus, short interest is not high relative to float volume. In fact, it is just below two-year highs, and near a level that saw short covering from December to May.
It’s also worth noting that a slew of 71.50-strike calls – which may have contributed to DELL’s inability of shares to sustain a move through this level since earnings – expired last week. Our call has a leverage ratio of 6.1, and will double on a 15.7% pop in the underlying shares.


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