Lumber Liquidators Stock Climbs Higher on CEO Resignation

The stock is still suffering a roughly 32% year-to-date loss

Lillian Currens

Digital Content Manager

Feb 6, 2020 at 9:36 AM

Hardwood flooring specialist Lumber Liquidators Holdings Inc (NYSE:LL) is getting a boost today, following an announcement that the company's President and CEO Dennis R. Knowles stepped down, effective Feb. 5. The firm also reiterated its 2019 outlook and expects to release earnings next month on March 16. At last check, LL is up 3.9% to trade at $8.17.

This puts LL on track for its highest open since Jan. 24, with the equity looking to topple recent pressure at its $8 region today. But while the stock has managed to rally almost 15% since its late-January bottom, it's still down roughly 32% year-over-year.

Analysts' sentiment surrounding the stock is lukewarm, with six in coverage calling LL a "hold," while one says "sell." Plus, the consensus 12-month target price is just a 16.7% premium to last night's close.

The options pits, on the other hand, have been brimming with bulls. In fact, during the last 10 days, 16.25 calls were bought for every put at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio sits higher than 92% of all other readings from the past year too, suggesting a much bigger than usual appetite for long puts of late.

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