SolarEdge's CEO is stepping down from his role, effectively immediately
SolarEdge Technologies Inc (NASDAQ:SEDG) is reversing a 6% premarket lead, last seen down 5.8% at $27.17 following news that CEO Zvi Lando is stepping down from his position. Lando will be replaced in the interim by Ronen Faier -- previously the solar firm's CFO -- effective immediately.
SolarEdge stock is rebounding form an Aug. 8 dip to $19.81, or its lowest level since the summer of 2016. Adding 14.9% on Friday, SEDG is on track to keep its head above recent support at its 30-day moving average, which acted as pressure over the last six months, a time during which shares lost 57.3%. With today's losses stacking up, the shares are now down 83.1% over the last 12 months.
The news has options traders excited, too. Already today, 6,180 calls and 3,069 puts have traded hands, volume that's four times the average intraday amount. New positions are opening at the top five most popular contracts, with the weekly 8/30 30.50-strike call standing out as the most popular.
Options traders have been overwhelmingly bullish in the two weeks. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), SEDG's 10-day put/call volume ratio of 3.97 ranks higher than 96% of readings from the last 12 months.