First Solar Stock Charges Up on Bull Note

Options traders are targeting the equity a quicker-than-usual clip

Jake Scott

Deputy Editor

Oct 22, 2024 at 10:24 AM

FSLR

First Solar Inc (NASDAQ:FSLR) stock is 2.3% higher at $200.77 this morning, after a bull note from Citi. The analyst upgraded the solar stock to "buy" from "neutral" and lifted its price target to $254 from $200, saying the firm should benefit regardless of who takes next month's U.S. presidential election.

Drilling down today's options activity, FSLR is seeing 2 times the average intraday volume. Already today, 7,822 calls and 4,577 puts have crossed the tape, with the most activity taking place at the January 17, 2025 200 put. new positions are being bought to open at the second most popular, weekly 10/25 210-strike call.

Thanks to today's bounce, First Solar stock has once again taken out the $200 level, and reclaimed support from its 220-day moving average. The security is still well under its June 12, 16-year high of $306.77, but still boasts a 17.8% year-to-date lead. What's more, FSLR is beating out the Energy Select Sector SPDR Fund (XLE), up 34.8% over the last 12 months versus the XLE's 1.7% gain in the same timeframe.

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