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Dell Technologies (DELL) stock is inching higher ahead of the company’s second-quarter earnings, which are scheduled to be released after the market closes on Sept. 1. Consensus is for the tech hardware firm to record $4.72 in earnings per share (EPS) for its Q2, which would represent an exciting 124.76% increase on a year-over-year basis.
Heading into the quarterly print, DELL shares are trading at more than 3.5x their price at the start of this year.
Options Data Is Bearish for Dell Stock’s Post-Earnings Reaction
Dell’s massive year-to-date outperformance has the derivatives market bracing for a potential selloff following the earnings event.
According to Barchart, the put-to-call ratio on options contracts expiring Sept. 4 currently sits at 1.41x, indicating a strong bearish skew. And the lower price on those contracts is set at $422.73, indicating DELL stock could slip as much as 8.89% from here by the end of this week.
On the flip side, however, the technical setup heading into the quarterly release is largely bullish.
Dell Technologies is currently trading above its key moving averages (MAs), with an RSI in the mid-50s indicating bulls remain in control across multiple timeframes.
Dell Shares Are Trading at a Premium to Peers
Investors are advised to exercise caution when playing DELL shares ahead of the upcoming earnings, partly because they’re currently trading at a premium to competitors. The company is currently trading for about 26x forward earnings, versus less than 19x for Hewlett Packard (HPE) and a sharply lower 9.5x for Super Micro Computer (SMCI).
More importantly, insiders have predominantly unloaded Dell Technologies this year, the optics of which are clearly bearish for the AI server specialist.
That said, DELL has a history of closing both September and October in the green — a seasonal pattern that makes it more appealing for the near term.
Dell Remains Buy-Rated Among Wall Street Firms
Investors could nonetheless take heart in the fact that Wall Street firms remain bullish as ever on Dell Technologies for the remainder of 2026.
The consensus rating on DELL stock sits at “Moderate Buy” currently, with the mean price target of about $510 indicating potential for a nearly 10% rally from here.
On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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