Shares of Take-Two Interactive Software, Inc (NASDAQ:TTWO), are 1.2% lower to trade at $240.32 this morning, pivoting lower despite the company announced pre-orders for its Grand Theft Auto VI game, priced at $79.99. Shortly after, BTIG initiated coverage with a "buy" rating and $290 price target, the analyst citing the game release and sustainable improvements.
TTWO initially traded at its highest level since early January, but has since pivoted lower. The shares are now contending with both their year-to-date and year-over-year breakeven levels. Its worth noting that due to a 20% quarterly gain, Take-Two stock is sitting in "overbought" territory with a 14-day Relative Strength Index (RSI) of 72.
Options traders are leaning bullish. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Take-Two stock's 10-day call/put volume ratio of 7.33 ranks in the 92nd annual percentile.
Echoing this, the stock's Schaeffer's put/call open interest ratio (SOIR) of 0.36, which ranks lowest possible percentile of readings from the past year.
