Shares of Braze (NASDAQ:BRZE) are down 16.9% to trade at $25.21 as investors look past the marketing software company's second-quarter earnings beat and instead focus on weaker-than-expected third-quarter profit growth. Despite the selloff, UBS raised their price target to $32 from $28.
The shares are currently pacing for their worst single-session performance since June 2025. Prior to today, the stock was barreling toward its Dec. 11 52-week high of $37.32, more than doubling its Feb. 23 record low of $15.26. Year to date, BRZE is now down 25%.
Calls rule the roost over the last 10 days. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have bought to open 5,799 calls in the past two weeks, compared to just 740 puts.
Today though, puts are trading at 17 times the average intraday amount, with the September 25 put leading the charge.
The software name's
Schaeffer's Volatility Scorecard (SVS) sits at a relatively high 81 out of 100, indicating Braze's stock has tended to exceed option traders' volatility expectations during the past year.
