Okta Inc. (OKTA)

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Okta Inc (OKTA) Stock Surges After Earnings Results
By: Schaeffer's Investment Research | June 3, 2022

• Okta reported narrower-than-expected first-quarter losses

• The stock is rebounding from its recent three-year low

Okta Inc (NASDAQ:OKTA) is experiencing a strong post-earnings surge today, up 12.4% to trade at $105.33, after the IT name's better-than-expected first-quarter results and an upbeat forecast. Analysts are chiming in with mixed sentiment, with six price-target cuts and four price-target hikes directed at OKTA so far.

This positive price action has Okta stock continuing to rebound off its May 24 three-year low of $77.01. Still, the stock's 40-day moving average, which has guided the stock lower since November, is keeping today's rally in check.

Options traders are targeting the equity at eight times the intraday average. So far, 20,000 calls and 15,000 puts have crossed the tape. Expiring today, the weekly 6/3 110-strike call is the most popular, with new positions being bought to open here.

Meanwhile, short interest has risen 23.2% during the most recent two-week reporting period. Now, the 6.85 million shares sold short account for 4.6% of the stock's available float.

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