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Menomonee Falls Today
By the People, for the People
Investors Bet Big on Kohl's Decline with Surge in Put Options
Kohl's stock sees heavy trading volume and analyst downgrades after earnings report
Mar. 12, 2026 at 7:21pm
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Kohl's Corporation (NYSE:KSS) saw a significant increase in put option trading on Thursday, with traders acquiring 21,793 put options - a 40% jump from the typical daily volume. This unusual options activity suggests that some investors are hedging against or speculating on potential downside for the retailer's stock. The news comes after Kohl's reported fourth-quarter earnings that beat expectations but also faced multiple analyst downgrades and price target cuts from major banks.
Why it matters
The surge in put option trading and analyst skepticism around Kohl's performance highlights ongoing concerns about the company's ability to drive sales growth and profitability in a challenging retail environment. The options activity signals that some investors are positioning themselves for potential further declines in Kohl's stock price.
The details
Kohl's stock traded down 3% on Thursday, hitting $13.38 per share. The company reported fourth-quarter earnings of $1.07 per share, beating the consensus estimate of $0.86 per share. However, the retailer also provided a 2026 earnings outlook that was seen as disappointing by some analysts, leading to a wave of downgrades and price target cuts from firms like Goldman Sachs, JPMorgan, Bank of America, and Jefferies.
- On Thursday, March 12, 2026, traders acquired 21,793 put options on Kohl's stock, a 40% increase from the typical daily volume of 15,618 put options.
The players
Kohl's Corporation
A leading American department store retailer that operates approximately 1,100 stores across 49 states, offering a combination of value-oriented pricing, private-label brands and national labels.
Goldman Sachs
A major investment bank that issued a downgrade and price target cut on Kohl's stock following the company's earnings report.
JPMorgan
A major investment bank that issued a downgrade and price target cut on Kohl's stock following the company's earnings report.
Bank of America
A major investment bank that issued a downgrade and price target cut on Kohl's stock following the company's earnings report.
Jefferies
A major investment bank that issued a downgrade and price target cut on Kohl's stock following the company's earnings report.
What they’re saying
“We must not let individuals continue to damage private property in San Francisco.”
— Robert Jenkins, San Francisco resident
The takeaway
The surge in put option trading and analyst skepticism around Kohl's performance highlights ongoing concerns about the company's ability to drive sales growth and profitability in a challenging retail environment. The options activity signals that some investors are positioning themselves for potential further declines in Kohl's stock price, underscoring the need for the retailer to execute on its strategic initiatives to improve its competitive position.
