Options Traders Betting On Ralph Lauren's Stock Hitting 3-Month Low

Ralph Lauren Corporation RL shares traded lower on Thursday despite a top and bottom line beat before the opening bell.

On CNBC’s "Options Action," Mike Khouw of Optimize Advisors said Ralph Lauren traded more than 4x average daily put volume on Thursday.

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There was a buyer of 250 of September 180-calls at an average price of $1.80 per contract, Khouw mentioned.

Traders expect Ralph Lauren’s stock could revisit three-month lows.

Ralph Lauren reported first-quarter FY24 sales growth of 0.4% year-on-year to $1.50 billion, beating the analyst consensus of $1.48 billion. Adjusted EPS of $2.34 beat the consensus estimate of $2.13.

Price Action: Ralph Lauren shares fell 4.8% to close at $122.30 on Thursday.

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