MongoDB Inc (NASDAQ:MDB) stock is 21.6% lower to trade at $323.57 this morning, after CEO Chirantan "CJ" Desai announced his departure effective immediately. Desai will join Meta Platforms (META) for a newly-formed role running Meta's AI enterprise division. Former MongoDB CEO Dev Ittycheria was named interim chief.
This is poised to be the stock's worst single-session decline since a 22.2% post-earnings selloff on March 3. MDB is now 24% lower on the year, with the 320-day moving average emerging as overhead resistance.
Short interest is up 13.4% in the two most recent reporting periods, but with only 3.8% of the stock's total available float sold short, more bearish pressure could add weight going forward.
Options traders have been betting bullish. MDB sports a 10-day call/put volume ratio of 2.40 on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio sits in the 87th percentile of its annual range, hinting at a much healthier-than-usual appetite for calls of late.
Today, the weekly 10/2 360-strike call and the 300-strike call in the same weekly series are seeing the most activity, the latter home to this morning's lows.
