Options Bulls Cheer Sunrun Stock Upgrade

RUN remains down double digits year-to-date

Digital Content Manager
Apr 18, 2023 at 10:41 AM
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Sunrun (NASDAQ:RUN) is getting some attention from analysts today, after Keybanc upgraded the alternative energy stock to "overweight" from "sector weight." The analyst in coverage noted the residential solar company could see a strong first quarter as it acquires significant market share in California and Canada. Barclays, meanwhile, trimmed its price target to $31 from $35.

RUN is up 0.5% at $20.66, testing its 40-day moving average. The shares have staged a neat bounce off their March 17 three-year low of $16.69, but still carry a 13.8% year-to-date deficit, and are a far cry from their Sept. 15 annual high of $39.13. 

The options pits lean bearish. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Sunrun stock's 50-day put/call volume ratio of 1.62 sits higher than 99% of readings from the last 12 months.

Bulls are chiming in today, though, with 1,903 calls across the tape so far -- double the intraday average volume, and more than triple the amount of puts exchanged. The most popular is the weekly 4/21 21-strike call, followed by the 22-strike call in that same series.


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