Interest Rate Prospects, Bullish Coverage Boost Solar Stocks

Options bulls are chiming in on ENPH and FSLR

Digital Content Manager
Dec 15, 2023 at 10:31 AM
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Enphase Energy Inc (NASDAQ:ENPH)First Solar Inc (NASDAQ:FSLR), and Sunrun Inc (NASDAQ:RUN) are surging today, after the Federal Reserve signaled interest rate cuts could be coming next year. Jefferies also initiated coverage of all three stocks with a "buy" rating, while price targets came in at $145, $211, and $45, respectively.

The analyst in question noted higher utility costs may drive homeowners to adopt more cost-effective alternative energy sources, and highlighted Inflation Reduction Act (IRA) incentives that will become clearer.

ENPH was last seen up 1.5% at $122.01, its highest level since October. The security yesterday conquered overhead pressure from the 100-day moving average, as it works to distance itself from a Nov. 10, three-year low of $73.49. For 2023, the equity is down 54.6%. 

The 100-day trendline is still pressuring FSLR, which is up 1.9% to trade at $161.30 at last check. Shares sport a modest 5.6% lead for the year, however, and are on track for their fifth gain in the last six sessions.

After yesterday marking its best day since November 2022 and scoring its highest close since early August, Sunrun stock was last up 2.2% at $18.32. The security also toppled resistance form its 200-day trendline, and now boasts a 42.8% quarter-to-date lead.

Options bulls are chiming in on ENPH and FSLR today, with 6,728 calls exchanged for the former, and 3,036 for the latter -- double the intraday average volume for both. As far as ENPH is concerned, the weekly 12/22 113-strike put is still the most popular contract, with positions being opened there. Meanwhile, the December 165 call is the most active for FSLR.


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