Shares of Dave and Buster's Entertainment, Inc (NASDAQ:PLAY) are down 12.2% to trade at $7.43 after posting a second-quarter earnings and revenue miss. Same-store sales also disappointed, rising 2.9%, a -3% difference compared to this time last year.
Slipping below recent support found at the $8 level, PLAY is hitting its lowest level in more than six years. The entertainment giant has struggled long-term, losing more than 64% over the past 12 months alone.
Calls have been more popular than usual over the last 10 weeks. This is per the stock's 50-day call/put volume ratio of 4.52 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks in the 95th percentile of its annual range.
It's also worth noting that short interest has been unwinding, down 11.4% during the past two reporting periods, though it still accounts for a whopping 33.8% of the stock's available float. It would take more than a week for shorts to cover their bearish bets.
